What is another word for wage concession?

2 synonyms found


[ wˈe͡ɪd͡ʒ kənsˈɛʃən], [ wˈe‍ɪd‍ʒ kənsˈɛʃən], [ w_ˈeɪ_dʒ k_ə_n_s_ˈɛ_ʃ_ə_n]

When it comes to compensating employees for their work, the term "wage concession" is frequently used. However, there are a variety of other words and phrases that can be used in place of this term, depending on the context. Some synonyms for "wage concession" might include "salary reduction," "pay cut," or "reduced compensation." In some cases, the term "wage freeze" might also be applicable, particularly if workers are not receiving any increases in their pay. Other potential synonyms might include "benefits reduction," "compensation cut," or simply "financial sacrifice" - all of which describe situations where employees are receiving less compensation for their work than they might have otherwise expected.

Synonyms for Wage concession:

How to use "Wage concession" in context?

In recent decades, economists and employers have been debating the merits of wage concessions. These discussions revolve around the question of whether wage concessions lead to increased productivity and efficiency in the workplace.

Economists who believe in the efficacy of wage concessions argue that these concessions increase the chances of reaching an agreement on a wage increase. This could lead to a higher level of productivity, as individual employees are more incentivized to work hard.

On the other hand, economists who oppose wage concessions argue that such concessions have little impact on productivity.

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