Pink Slip

• It is a notice of redundancy issued to an employee
• notice to an employee of termination of employment
• A less severe form of involuntary termination is often referred to as a layoff 

Pink slip refers to the American practice, by a human resources department, of including a discharge notice in an employee's pay envelope to notify the worker of their termination of employment or layoff.


Firing carries a stigma in many cultures, and may hinder the jobseeker's chances of finding new employment, particularly if they have been terminated from a previous job.

https://en.wikipedia.org/wiki/Termination_of_employment
 
  A layoff is usually not strictly related to personal performance, but instead due to economic cycles or the company's need to restructure itself, the firm itself going out of business or a change in the function of the employer (for example, a certain type of product or service is no longer offered by the company and therefore jobs related to that product or service are no longer needed). One type of layoff is the aggressive layoff^{[citation needed]}; in such a situation, the employee is laid off, but not replaced as the job is eliminated.