"Wage concessions" refers to an agreement where workers accept a reduction in their wages or benefits in order to help their company financially. Full definition
Plants that do not move will gain further wage concessions from their employees. (religion-online.org)
Without massive wage concessions in Mexico, NAFTA will never pass Congress even if a Democratic majority is elected this fall. (business.financialpost.com)
GM has sought wage concessions from the union as well as government funding and incentives to save its remaining three South Korean factories. (cnbc.com)