Salutations concerning glasses around time (8)
I believe the answer is:
respects
'salutations' is the definition.
(as in passing your respects to someone)
'concerning glasses around time' is the wordplay.
'concerning' becomes 're'.
'glasses' becomes 'specs' (synonyms).
'around' is an insertion indicator.
'time' becomes 't' (abbreviation).
'specs' enclosing 't' is 'spects'.
're'+'spects'='RESPECTS'
(Other definitions for respects that I've seen before include "Admires" , "High or special regards" , "what may be paid by callers" , "Has high opinion of" , "Esteems" .)