Do right cutting wages (5)
I believe the answer is:
party
'do' is the definition.
(thesaurus)
'right cutting wages' is the wordplay.
'right' becomes 'rt'.
'cutting' means one lot of letters goes inside another (some letters cut their way into a word).
'wages' becomes 'pay' (I've seen this before).
'rt' put into 'pay' is 'PARTY'.
(Other definitions for party that I've seen before include "Political group; function" , "Political organization" , "Group gathered together for pleasure" , "Political group - celebration" , "Bash" .)