Very anxious, seeing cut in wages (7)
I believe the answer is:
panicky
'very anxious' is the definition.
'cut in wages' is the wordplay.
'cut' becomes 'nick' (nick is a kind of cut).
'in' means one lot of letters goes inside another.
'wages' becomes 'pay' (I've seen this before).
'nick' inserted into 'pay' is 'PANICKY'.
'seeing' is the link.
(Other definitions for panicky that I've seen before include "nervous!" , "Dreadfully anxious" , "Suffering fear, anxiety" , "Inclined to lose head" , "(Irrationally) fearful" .)