A celebration, party, or festive gathering, especially one arranged by an employer for employees; a social event with food and entertainment.
From bean combined with feast. The term originated in 19th-century British slang, possibly because beans were cheap food for workers' celebrations, or from confusion with earlier words like 'bean-goal' (a bumper harvest).
Victorian employers threw 'beanfeasts' for workers—the irony is that while it sounds humble, these company parties were actually exciting social events that gave poor workers rare chances to have fun!
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