pink slip noun 3verb 1forms 3 noun3 •A notice of termination of employment.Pink slips are being handed out faster in corporate America than you can say, “Recession? What recession?” — 2003 •(US) The title document for an automobile.But when she visited the bank, all she found inside were the pink slip to her car, a passport she′d acquired two years ago before a vacation trip to Australia and a few other documents. — 1997 •(Australia) An automobile roadworthiness inspection certificate.My car mechanic does the pink slip for my bike - he doesn't know anything about them but does know that I keep it in tip top condition. — 2001 verb1 •(US, informal) To terminate the employment of. formspink slipped · pink slipping · pink slips