Meaning of giveback

give•back

Pronunciation: (giv'bak"), [key]
— n.
  1. (in union negotiations) a reduction in employee wages or benefits conceded by a union in exchange for other benefits or in recognition of depressed economic conditions: Givebacks have not slowed the number of shutdowns.
  2. something returned, rebated, etc.: Givebacks to dealers have increased car sales.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.