Definition

Noun: An agreement, typically made by an employer during negotiations with a union or employees, to increase wages. This term specifically refers to the act of conceding or granting a wage increase.

Usage

This term is used primarily in the context of labor relations, collective bargaining, and employment negotiations. It describes a specific outcome where management agrees to raise pay rates.

Examples

• The union secured a significant wage concession after a week of negotiations.
• To avoid a strike, the company offered a wage concession of three percent.
• The new contract includes several wage concessions over the next three years.

Advanced Usage

• As a bargaining outcome: The term is often used to describe a key result or compromise in collective bargaining.
  • The final agreement was reached after the management's wage concession.
• In economic reporting: Used in news and analysis discussing labor costs and business conditions.
  • The struggling airline made no wage concessions to its staff this year.

Variants and Related Words

• Concession (n): The act of conceding or granting something. "Wage concession" is a specific type of concession.
• Pay raise (n): A more general term for an increase in wages. A "wage concession" is an agreement that results in a pay raise.
• Salary increase (n): Similar to "pay raise," often used for non-union or salaried staff.

Synonyms

• Pay increase
• Wage increase
• Raise

Notes on Meaning

The term "wage concession" inherently implies a negotiated context where the increase is granted, often reluctantly or as part of a compromise, rather than being a routine or automatic adjustment. It emphasizes the act of agreement from the employer's side.

Noun

1. an agreement to raise wages