pink slip

pink slip
a) (U.S.) notice of the termination of employment

After 20 years of dedicated service to the firm, they simply handed him a pink slip one day.

b) (U.S.) the title for an automobile (source is most likely from California, where the title is printed on a smaller index-card sized piece of pink paper, as opposed to most other states where the title is typically a full-size 8 1/2" x 11" sheet, usually printed on blue or blue-green paper with borders, similar to a stock certificate)
See Also: green slip, P45

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