wage concession

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  • noun

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an agreement to raise wages

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Importantly, as I show in the next section of this paper, the type of labour market in which members of DB plans would be able, theoretically, to make wage concessions solely on the basis of the defined-benefit formula is not a market in which DB plans are likely to exist.
Second, the union will choose to offer a wage concession to the bureau as a mechanism to block outsourcing when there is a small likelihood of the union members gaining outside employment.
In particular, if the firm incorporates an early retirement inducement into its pension plan provisions, then the present value of the firm's incremental pension cost (PVC) from doing so should be netted out against the present value of the savings stream (PVS) which would result from the workers' acceptance of wage concessions in response to this inducement.
For the supermarket workers, the tough times struck home in 1984, when Lucky requested wage concessions from 13 Eagle Food Centers in downstate Illinois.
But the deal continues a 15 percent wage concession first won in 2009 as well as a 75 percent cut in company contributions to the pension plan.
A 3 percent wage concession would save two jobs, he said.
For each day that the old supplemental agreements are in place, wage concessions cannot take place.
The magnitude of the derivatives in column 1' suggests that the effect of employment and stock price growth on the probability of a union wage concession is quite substantial.
Conry, who said he is opposed to any layoffs in public safety, said he was not moved by the unions agreeing to the wage concessions only if the trash fee were enacted.
Nor does it factor in a 3 percent wage concession already agreed to by several unions.
Wolfe said that while a wage concession represents a significant reduction in YRCW's annual expenses, it's likely to increase the risk of further price competition and potential further service-related tonnage declines as a result of continued poor employee morale.
The police union is one of several bargaining units that have agreed to the wage concession since last week.
As a response, on 11 April United Airlines' parent company UAL Corp reportedly said in a court filing that the union is no longer following the progress that saw the wage concession package agreement in January this year and that the airline would ask the court to void the contract, imposing a new one instead.
The union representing pilots that work for Delta Air Lines has offered the Atlanta-based carrier a new wage concession proposal that could save the troubled airline USD705m a year.
Edewaard said he's not sure the wage concession is needed because other cost savings still might be found in the budget.