Meaning of “giveback” in the English Dictionary

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"giveback" in Business English

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givebacknoun [ C ]

uk /ˈɡɪvbæk/ us 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” from the Cambridge Business English Dictionary © Cambridge University Press)