A more thorough explanation:

Term: Pink Slip
Definition: A pink slip is a notice given to an employee by their employer that they are being fired or laid off. It is called a pink slip because it used to be printed on pink paper. Example: When John went to work on Monday, he was given a pink slip and told that his services were no longer needed. This means that John was fired from his job. Example: When Sarah's company had financial problems, they had to lay off some employees. Sarah was one of the unlucky ones who received a pink slip. This means that Sarah lost her job because of the company's financial problems. Explanation: A pink slip is a document that tells an employee that they are no longer employed. It can be given for many reasons, such as poor performance, company downsizing, or financial problems. The examples show how a pink slip can be used in different situations, but they both mean that the employee is losing their job.