Underwater crewman’s regular payment, one grabbed by literary miser (10)

I believe the answer is:

submariner

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'regular payment one grabbed by literary miser' is the definition.
I can't tell whether this definition defines the answer.

'underwater crewman's' is the wordplay.
'underwater' becomes 'sub' (as in submarine).
'crewman' becomes 'mariner' (mariner is a kind of crewman).
'sub'+'mariner'='SUBMARINER'

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(Other definitions for submariner that I've seen before include "Rum Serbian? (anag)" , "Sailor" , "one under?" , "Naval crewmember" .)

I've seen this clue in The Times.

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