Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
NEW YORK (CNNMoney.com) -- An annual 3% raise used to be considered stingy. Now, some employees will be happy if their salary doesn't go down in the coming year.
It's not just Citigroup executives that are seeing their compensation cut. More companies are considering salary reductions as a way of cutting costs amid an ongoing recession.
Where I work we haven't had a raise in three years, but our medical insurance premiums go up each year. I figure in about 10 years, I'll have to pay them to come to work here. But, on the other hand, I'm glad to have a job.
Not only are they cutting pay (or at least not adjusting for annual inflation), they are cutting benefits as well - reducing vacation time, stopping 401k match and getting rid of pension plan.
To me, this would depend on whether or not the cut was permanent or temporary until the business improves. Personally, I would much rather take a short term pay cut and stay with a job I already have, with my benefits, 401K, etc., rather than be unemployed and have to take a job for less money anyway, along with possibly less benefits or other negatives.
To me, this would depend on whether or not the cut was permanent or temporary until the business improves. Personally, I would much rather take a short term pay cut and stay with a job I already have, with my benefits, 401K, etc., rather than be unemployed and have to take a job for less money anyway, along with possibly less benefits or other negatives.
People have to be realistic and pragmatic.
I agree also it's stressful finding a new job and then trying to learn the ropes at a new job also.
Oh yes, cut their pay while inflation is still in view. I bet that will do wonders for employee morale.
Shouldn't we be more worried about deflation? Actually, this might be a symptom as well as a cause of deflation.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
But, on the other hand, I'm glad to have a job.
