Definition
A wage concession is when employees agree to give up some pay or benefits they currently have. This is often done to help a company that's struggling financially. It's like agreeing to a temporary pay cut so the company can stay afloat. Think of it as sacrificing a little now to potentially save jobs later. These concessions can include things like reduced salaries, frozen wages, or giving up certain perks. Wage concessions are usually a last resort, showing a serious effort to avoid layoffs or closure. It's a bit like a team taking a calculated risk to win the game.