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Old 01-07-2009, 10:30 PM
 
Location: Tennessee
28,713 posts, read 48,833,690 times
Reputation: 20515

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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.

To avoid layoffs, companies consider pay cuts - Jan. 7, 2009
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Old 01-07-2009, 11:01 PM
 
Location: Heartland Florida
9,324 posts, read 24,283,776 times
Reputation: 4927
Oh yes, cut their pay while inflation is still in view. I bet that will do wonders for employee morale.
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Old 01-07-2009, 11:06 PM
 
Location: southern california
57,963 posts, read 76,965,889 times
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americans look to government and employers to be fair and just. where did that come from?
we need a labor movement.
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Old 01-08-2009, 09:48 AM
 
4,172 posts, read 6,110,705 times
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I bet at the same time, the top management salaries will not go down. Only in America....
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Old 01-08-2009, 10:02 AM
 
Location: In My Own Little World. . .
3,238 posts, read 8,093,454 times
Reputation: 1601
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.
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Old 01-08-2009, 06:12 PM
 
Location: Some place very cold
5,500 posts, read 20,521,376 times
Reputation: 4244
Less pay and companies are cutting back on hours.
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Old 01-08-2009, 06:40 PM
 
94 posts, read 303,232 times
Reputation: 45
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.
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Old 01-08-2009, 07:35 PM
 
Location: Marietta, GA
7,862 posts, read 15,218,406 times
Reputation: 3576
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.
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Old 01-09-2009, 09:56 AM
 
Location: Charlotte, NC
2,193 posts, read 4,618,974 times
Reputation: 1075
Quote:
Originally Posted by neil0311 View Post
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.
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Old 01-09-2009, 10:04 AM
 
Location: Oak Park, IL
5,522 posts, read 12,548,243 times
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Quote:
Originally Posted by tallrick View Post
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.
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