Cut keeping women's charity on reduced income (3-4)

'reduced income' is the definition.
I know nothing about this answer so I cannot tell whether it can be defined by this definition.

'cut keeping women's charity' is the wordplay.
'cut' becomes 'lop' (lopping is a kind of cutting).
'keeping' means one lot of letters goes inside another (some letters kept inside).
'women' becomes 'w' (standard abbreviation).
'charity' becomes 'aid' (eg foreign aid).
'lop' placed around 'w' is 'lowp'.
'lowp'+'aid'='LOW-PAID'

'on' is the link.

Can you help me to learn more?