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Meaning of “pay settlement” in the English Dictionary

"pay settlement" in Business English

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pay settlementnoun [C]

uk   us  
HR an ​officialagreement on ​pay made between a ​company, etc. and its ​employees or a ​tradeunion that ​represents them: Unions have called for the ​executive to ​oversee an end to the ​dispute by ​means of a ​nationalpaysettlement. The ​averagepaysettlementrose to about 2.5% last ​year.
(Definition of pay settlement from the Cambridge Business English Dictionary © Cambridge University Press)
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