otpust

1. (from hospital, army, prison) discharge; release
   Otpust iz bolnice je zakazan za ponedeljak. — The discharge from hospital is scheduled for Monday.
   Posle otpusta iz vojske vratio se u Novi Sad. — After his discharge from the army he went back to Novi Sad.
2. (from a job) dismissal
   Fabrika najavljuje otpust stotinu radnika. — The factory is announcing the dismissal of a hundred workers.

For losing a job, otkaz or otpuštanje is more usual; otpust mostly appears with iz: otpust iz bolnice.