In the current era, grasping chaps improve (5)
I believe the answer is:
amend
'improve' is the definition.
('amend' can be a synonym of 'improve')
'in the current era grasping chaps' is the wordplay.
'in the current era' becomes 'ad'.
'grasping' indicates putting letters inside.
'chaps' becomes 'men' (I've seen this before).
'ad' going around 'men' is 'AMEND'.
(Other definitions for amend that I've seen before include "Make minor improvements to (something)" , "Make small changes to" , "Make small improvements to" , "make an improvement" , "Modify, correct" .)