Paid off, embracing old platforms (5)
I believe the answer is:
podia
'platforms' is the definition.
(podium is a kind of platform)
'paid off embracing old' is the wordplay.
'off' indicates an anagram.
'embracing' is an insertion indicator.
'old' becomes 'o' (abbreviation as in OT - Old Testament).
'paid' with letters rearranged gives 'pdia'.
'pdia' enclosing 'o' is 'PODIA'.
(Other definitions for podia that I've seen before include "Raised platforms" , "Support structures for speakers" , "bases" , "Stands" , "pedestals" .)