Hi, Help me please figure out the meaning of the word concession in this context. "Thousands of auto workers in Canada face the prospect of pay and job cuts today after a $17, 4 billion ( U.S) aid package to teetering General Motors and Chrysler that contemplates significant concessions by American employees.

Concession might be 1. "something you allow something"
2.price reduction
3. right
concessions 4. the thing sold
Thank you.
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Comments  (Page 2) 
Ok so its saying that they are cutting budgets,correct ? well, they have the control to say they will pay you 35 dollars. You are the employee, which obviously explains why you don't have much say in the payment you desire. They state they are giving 17 billions dollars away to a variety of car dealers for their employees. So, there using the word concession as in... Since they are giving away an obseen amount of money, it leaves many American employees to give up and let it be. It makes no sense if theya re willing to give away that much money and tell you that you get less pay, is just not right. yes it is wrong of them to say that you have the right of earning 35 dollars per hour, and then forcing you to drop your amount for something less desirable. Its called Life. I think it is completely cheap of them to not pay ur full amount in which you so clearly deserve. But what are you going to do? its the year 2009 (: