…fired, sacked, laid off;
In English : unnecessary, unneeded, unwanted.
It means no job no more
No money coming in
In bureaucratese : downsized, restructured, outsourced.
It means suck it up and suck it in
We got ours and tough cookies
In real life : no pension, warranty expired, no guarantee
That your 20 years of service means anything :
The pink slip bleeds into the economy running red ink.
2012 addendum: still true