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English definition of “giveback”

giveback

noun [C]     /ˈɡɪvbæk/ HR, FINANCE
a reduction in employeespay when a business is having problems , usually made on the agreement that pay will be increased again when business improves : The giveback was voluntary and each individual was free to make the decision based on his or her own personal situation .
(Definition of giveback noun from the Cambridge Business English Dictionary © Cambridge University Press)
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