pay settlement
noun[C]
ukusHR
anofficialagreementonpaymade between acompany, etc. anditsemployeesor atradeunionthatrepresentsthem:
Unions have called for theexecutivetooverseean end to thedisputebymeansof anationalpaysettlement.
Theaveragepaysettlementroseto about 2.5% lastyear.