Our company did not layoff, but we all got 20% reductions in pay. That’s got to affect the economy and there should be some sort of “number” for that.
I HATE this administration...they are EVIL!
Yes people, there is EVIL in the world and (by far) the LARGEST cause of genocide/murder, etc is because of corrupt GOVERNMENT...which is all of them!! PERIOD!!
YEP....my husband’s company has been laying off.....froze wages (for EVERYONE) and quit contributing to the 401K....looking forward to the upcoming August announcement....probably a cut in pay....and less benefits....PI** on Obama and his administration....and on all Democrats for that matter!
Sorry to hear it. My employer stopped making contributions to our retirement plan; a de-facto pay cut of about 7%.
The Bureau of Labor Statistics (BLS)tracks Employment, Hours, and Earnings. They are three separate numbers, but could be rolled into one "labor income" number. Here are the Average hours and earnings numbers
only 5 percent cut here, but I don’t make much anyway, so it’s a big hit.
Don’t know what I would do with 10 or 20 percent.....second job time then.
“Our company did not layoff, but we all got 20% reductions in pay.”
My Mother-in-law’s company gave everyone (including the company President) a 10% pay cut, a four day work week - unless specifically told to work to complete projects and everyone has to pay about 3% more of their health insurance. For her, it was about a 24% pay CUT, BUT at least she was not laid off.
I’ve got to wonder about some of these wage/benefits cuts. I know a guy that works for a hospital linen provider. The TARP deal wasn’t even worked out late last year when his employer announced that there would be no raises due to the bad economy. Notice that there hasn’t been a drop in hospital business (government and health care being the only two industries to thrive these days). I’m just skeptical that businesses are using the economy as an excuse to make unnecessary cuts.
One of the good things about sales: I only get a reduction in pay if I don’t sell something. Everyone wants a salaried position because of the “security” that it entails. Well, now you see what kind of security that was...
Don’t get me wrong, when I worked for state government, we had to take furloughs when the budget was tight, but someone forgot to tell my creditors to cut me some slack, so I know what it feels like.