escalator clause

noun | \ ˈes-kə-ˌlā-tər- \ | es·ca·la·tor clause

1. : a clause in a contract that provides for an increase in the amount of the payments made under the contract to reflect an increase in costs or the raising of a government-imposed cap on costs

2. : a clause in an employment contract that provides for an increase in wages to reflect a rise in the cost of living but prohibits a decrease to reflect a drop in the cost of living