The joker wants a wage cut! (3)
I believe the answer is:
wag
'the joker' is the definition.
(I've seen this before)
'a wage cut' is the wordplay.
'cut' means to remove the last letter.
'wage' with its final letter taken off is 'WAG'.
'wants' acts as a link.
(Other definitions for wag that I've seen before include "Joker; move tail" , "Shake" , "Move briskly like dog's tail" , "The wit to move the tail" , "Accompanying lovely" .)