Definition, Meaning & Synonyms

wage-settlement

noun

/weɪdʒ ˈsɛtəlmənt/

Definition

A wage-settlement refers to an agreement reached between employers and employees (or their representatives) regarding the terms of wage payments, often resulting in a fixed or negotiated increase in salary or benefits.

Examples

The union and management reached a wage-settlement after several weeks of negotiations.
Due to the wage-settlement, employees will receive a 5% increase in their salaries starting next month.
The new wage-settlement has improved worker satisfaction and productivity.

Meaning

The term wage-settlement generally describes the resolution of wage disputes through negotiation or collective bargaining, aiming to establish fair compensation for work performed.