Giveback meaning

gĭvbăk
Frequency:
A concession made by a labor union during contract negotiations.
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Something that is rebated or returned.

A tax giveback.

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A workers' benefit or right, previously gained as through labor negotiations, that is relinquished to management, usually in exchange for a wage increase or some other concession.
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A reduction in pay or conditions as a result of unfavourable economic conditions.
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