Meaning of “pay settlement” in the English Dictionary

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"pay settlement" in Business English

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pay settlementnoun [ C ]

uk us

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” from the Cambridge Business English Dictionary © Cambridge University Press)