Definitions:

1. Refers to a situation where employees agree to a reduction in their wages or benefits usually as a part of a negotiation with their employer to help the company overcome financial difficulties or avoid layoffs. NOUN
   • In response to declining sales, the company asked its employees for wage concessions to avoid mass layoffs.

Synonyms:

• benefit adjustment
• benefit cut
• earnings cutback
• pay cut
• perk reduction
• salary reduction