giveback

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Giveback

The surrender of benefits or wages by the employees of a company. That is, a giveback occurs when the management persuades the workers to agree to a reduction in wages and/or benefits. Givebacks reduce a company's overhead and, for that reason, tend to please shareholders. However, critics maintain that they are bad for the company's long-term sustainability. See also: Labor relations.

giveback

The relinquishment by employees of certain existing benefits or contract provisions. For example, many companies engaged in manufacturing have asked for employee givebacks on the premise that lower costs are needed in order for the companies to be more competitive with foreign producers. Givebacks are good news for investors because they result in higher profits or smaller losses for the company obtaining the concessions.
References in periodicals archive ?
Bush's proposed FY 2003 budget does not provide for continuation of the Medicare givebacks, which were intended to provide relief for nursing home operators following the Balanced Budget Act of 1997 and the implementation of PPS.
The city also began talking with public employees' unions on possible layoffs, furloughs or givebacks even as millions of dollars in new wage increases are pending for firefighters and mayoral, council and other staff members.
Downtown experienced a drop in vacancy rates in all building classes in 2004, despite the addition of a large amount of space through new additions and large space givebacks.
We have negotiated two contracts with 18% raises, and the best benefits, pension and job security in the hospital industry, and during that same time period NUHW has failed to bargain a single contract at Kaiser and is now facing a final offer from Kaiser with major givebacks.
A major issue was givebacks in health care, and the union pounded away at that in shaping its campaign.
Perhaps the twilightiest of zones the war on terror is taking us to are those legislative spaces where large corporations and America's wealthiest get to make their patriotic sacrifice by feathering their nests with tax breaks or dodging industrial controls through regulatory givebacks.
However, overlapping provisions, a multiplicity of rates and a labyrinthine structure of floors and ceilings, phase-ins and phase-outs, effective dates and sunsets, exceptions, exclusions and givebacks will make it difficult to determine exactly how, when and to what extent.
Even so, laboratory groups will be watching closely to make sure that "any givebacks to physicians don't take away funding for other healthcare providers such as laboratories," he adds.
A Republican Congress may be unlikely to restore any significant Medicare givebacks.
Automotive sales, thanks to a combination of higher gas prices and consumer hesitation, have plummeted to the point that the Big Three domestic auto manufactures are asking for a federal bailout and looking for dramatic givebacks from their unions just to stay in business.