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English definition of “pay settlement”

pay settlement

noun [C]    
HR an official agreement on pay made between a company, etc. and its employees or a trade union that represents them: Unions have called for the executive to oversee an end to the dispute by means of a national pay settlement. The average pay settlement rose to about 2.5% last year.
(Definition of pay settlement noun from the Cambridge Business English Dictionary © Cambridge University Press)
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