Wage Concession for Dummies
noun
What does Wage Concession really mean?
Hey there, buddy! I see that you have a question about the term "wage concession." No problem at all! I'll do my best to explain it in a simple and easy way for you to understand.
So, imagine you have a lemonade stand, and you make $1 for every glass of lemonade you sell. You work really hard and sell lots of lemonades, and at the end of the day, you have earned $10. Yay for you! But let's say you have a friend who wants to help you out and work with you at the lemonade stand. However, your friend doesn't want to work for free, so you both agree that they will earn $0.50 for every glass of lemonade they sell.
Now, that's where the "wage concession" comes in. In this situation, you are the boss, and you make the rules for the lemonade stand. But instead of paying your friend the same $1 you make, you agree to "concede" or give up some of your own money by paying them $0.50 instead.
In simpler terms, "wage concession" means that a person or a group of people who have the power to set the wages, like a boss or an employer, agrees to give up some of their own money to pay their employees a lower wage than what they themselves are earning. It's a way to compromise and find a fair balance between what the employer can afford to pay and what the employees think they deserve.
Now, I mentioned that there can be more than one definition for "wage concession," so let me give you another example. Let's say a company is going through some tough financial times, and they can't afford to pay their employees as much as they used to. Instead of laying off workers, the company might negotiate with the employees and ask them to accept a temporary pay cut, known as a "wage concession." This way, the company can avoid letting people go and keep everyone employed, even if they are earning a bit less for a while.
So, to sum it up, "wage concession" means that the boss or the employer agrees to give up some of their own money to pay their employees a lower wage than what they themselves are earning, either as a compromise or because of financial difficulties. It's like giving a little something up so that everyone can still benefit in some way. I hope this explanation helps, and don't hesitate to ask if you have any more questions!
So, imagine you have a lemonade stand, and you make $1 for every glass of lemonade you sell. You work really hard and sell lots of lemonades, and at the end of the day, you have earned $10. Yay for you! But let's say you have a friend who wants to help you out and work with you at the lemonade stand. However, your friend doesn't want to work for free, so you both agree that they will earn $0.50 for every glass of lemonade they sell.
Now, that's where the "wage concession" comes in. In this situation, you are the boss, and you make the rules for the lemonade stand. But instead of paying your friend the same $1 you make, you agree to "concede" or give up some of your own money by paying them $0.50 instead.
In simpler terms, "wage concession" means that a person or a group of people who have the power to set the wages, like a boss or an employer, agrees to give up some of their own money to pay their employees a lower wage than what they themselves are earning. It's a way to compromise and find a fair balance between what the employer can afford to pay and what the employees think they deserve.
Now, I mentioned that there can be more than one definition for "wage concession," so let me give you another example. Let's say a company is going through some tough financial times, and they can't afford to pay their employees as much as they used to. Instead of laying off workers, the company might negotiate with the employees and ask them to accept a temporary pay cut, known as a "wage concession." This way, the company can avoid letting people go and keep everyone employed, even if they are earning a bit less for a while.
So, to sum it up, "wage concession" means that the boss or the employer agrees to give up some of their own money to pay their employees a lower wage than what they themselves are earning, either as a compromise or because of financial difficulties. It's like giving a little something up so that everyone can still benefit in some way. I hope this explanation helps, and don't hesitate to ask if you have any more questions!
Revised and Fact checked by William Rodriguez on 2023-10-28 01:47:11
Wage Concession In a sentece
Learn how to use Wage Concession inside a sentece
- If a worker agrees to accept a lower salary or less favorable working conditions in order to keep their job during difficult economic times, that is called a wage concession.
- When a company reduces the hourly pay rate of its employees temporarily due to financial difficulties, it is an example of a wage concession.
- If a teacher agrees to work fewer hours or accept a lower salary in order to help the school save money, that is considered a wage concession.
- During a negotiation between a labor union and a company, the union might agree to certain cuts in wages or benefits, which can be referred to as wage concessions.
- If a group of workers accepts a freeze in their salaries for a certain period of time to avoid layoffs, it is an example of a wage concession.
Wage Concession Hypernyms
Words that are more generic than the original word.