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Noun: the axe
Usage: informal
  1. The termination of someone's employment (leaving them free to depart)
    "The underperforming manager finally got the axe";
    - dismissal, dismission [rare], discharge, firing, release, sack, sacking, severance, heave-ho [informal], the boot [informal], the chop [Brit, informal], chuck [Brit, informal], termination [N. Amer]

Type of: conclusion, ending, termination