Pink Slip Law and Legal Definition
Pink slip is a slang term that has different meanings, Under one meaning, it refers to a notice of being terminated from employment or laid off. Under the other meaning, it refers to an automobile registration slip in some states that issue pink certificates. If a person suspects there's going to be bad news, some actions that may be taken include:
- Ask about severance pay, accrued vacation, overtime and sick pay, pension benefits, and eligibility for unemployment insurance.
- Severance packages may be negotiable.
- Request information on continuance of health and life insurance benefits. Your employer, if the firm has over 20 employees, is mandated by law to offer health insurance coverage through COBRA to terminated employees for 18 months. However, it is worth asking if you will be covered for a certain period of time at no cost to you.
- Ask about outplacement resources and/or an office with a phone, computer, and a printer to use for your job search.
- Request a reference letter for your files.