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(Politico)   Millions of American workers had their pay cut temporarily due to the pandemic. For many, the pay cuts are no longer looking temporary   (politico.com) divider line
    More: Sad, Late-2000s recession, Business cycle, pay cuts, Monetary policy, Great Depression, company ADP, Recession, Economist  
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770 clicks; posted to Business » on 20 Jul 2020 at 12:18 PM (10 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



26 Comments     (+0 »)
 
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2020-07-20 11:46:09 AM  
"It's too early in the crisis to know for sure whether the pay cuts are here to stay, economists say, though it's difficult to expect wages to rise while so much of the economy remains shuttered and while consumers are too concerned about the coronavirus to resume regular behavior and spending."

Wage cuts will be long term as the pool of available workers grows.

"Too early in the crisis" just underscores how much worse things may get, especially with a lack of leadership.
 
2020-07-20 11:58:09 AM  
On the bright side, it's looking like the pandemic is not going to be temporary either.

No, wait, not bright side. Never mind.
 
hej
2020-07-20 12:19:22 PM  
They aren't going to pay you more if they know you'll work for less.
 
2020-07-20 12:23:46 PM  
The Great Recession showed companies they can get away with slashing wages and benefits during an economic downturn and leave those wages low.
Anyone who didn't see this coming must have the mental capacity of a Trump.
 
2020-07-20 12:25:39 PM  
But stock prices are up, so with wages down that's a win win right?
 
2020-07-20 12:34:20 PM  
Why do I feel like we're leading up to the part of the history textbook that has a breakout text box that starts with "The contributing factors of something terrible".
 
2020-07-20 12:50:00 PM  

Nadie_AZ: "It's too early in the crisis to know for sure whether the pay cuts are here to stay, economists say, though it's difficult to expect wages to rise while so much of the economy remains shuttered and while consumers are too concerned about the coronavirus to resume regular behavior and spending."

Wage cuts will be long term as the pool of available workers grows.

"Too early in the crisis" just underscores how much worse things may get, especially with a lack of leadership.


Either way
The stock owners r agigglin.
 
2020-07-20 12:51:52 PM  

sinner4ever: The Great Recession showed companies they can get away with slashing wages and benefits during an economic downturn and leave those wages low.
Anyone who didn't see this coming must have the mental capacity of a Trump.


Only sit on their asses at home stock owners matter now.
 
2020-07-20 12:55:07 PM  
Step 1:  You're all remote now
Step 2:  But, if you're in Pratt, KS, you need to take a 50% market-adjustment salary reduction
Step 3:  Everyone gets the Pratt, KS salary
Step 4 & 5:  Same thing, but Karachi.
 
2020-07-20 1:11:21 PM  
We sent the company officers home in March (they have only recently returned). In gratitude we all got cash bonuses and a 10% raise. Probably gonna try to stay here for a while.
 
2020-07-20 1:21:03 PM  
So, they gave us $3. /hour more ,and increased the workload, but then cut the hours, so it evened oit for them.
Then, exactly 2 days before my "you are no longer a temp" status - they ended my assignment.

sinner4ever: The Great Recession showed companies they can get away with slashing wages and benefits during an economic downturn and leave those wages low.
Anyone who didn't see this coming must have the mental capacity of a Trump.



Yep.
 
2020-07-20 1:31:59 PM  
CEO just announced a return to full pay coming mid August with a small bonus.
 
2020-07-20 1:33:02 PM  

Invincible: CEO just announced a return to full pay coming mid August with a small bonus.


Mortuary services or insurance billing?
 
2020-07-20 2:40:07 PM  

I am Tom Joad's Complete Lack of Surprise: Invincible: CEO just announced a return to full pay coming mid August with a small bonus.

Mortuary services or insurance billing?


Construction/Ag equipment manufacturing. And it's a US company should my location tag throw you off. I think it's the service industry that's going to get rodgered most by this. Services for the living, that is.
 
2020-07-20 2:48:23 PM  
The pay cut hasn't been temporary since Reagan, kiddos.
Where do you think you are, anyway?
The pay cut is always permanent.
 
2020-07-20 2:59:25 PM  

Invincible: I am Tom Joad's Complete Lack of Surprise: Invincible: CEO just announced a return to full pay coming mid August with a small bonus.

Mortuary services or insurance billing?

Construction/Ag equipment manufacturing. And it's a US company should my location tag throw you off. I think it's the service industry that's going to get rodgered most by this. Services for the living, that is.


Huh. Must finally be Infrastructure Week.
 
2020-07-20 4:17:53 PM  
took a 20% cut, and reactions to changes caused by covid 19 have increased our workload drastically. They also furloughed or fired a number of people in other divisions, so the overflow isn't intended to fall on us, but we're support, so if it gets Fed up, it's ours.

We recently got notice that the pay cut will become 10% soon. I think they were concerned that not enough people applauded. I'm not complaining out loud, just searching. I've been here 15 years, and it will be difficult if not impossible to start at my current salary with the credibility I have at my current job. But if my current job is competing with 90% of my current salary, the options begin to open up significantly. I don't tend to think about how they will be screwed without me, as it isn't really useful. It is a stupid and immature sounding threat, and if I don't tell them, then who cares? But schadenfreude is becoming a much more appetizing idea as the crush of work continues.

What we need is a new paradigm for unions and group action. No political campaigning or endorsements. Issue lobbying makes sense, and I support democrats as do a lot of, though not all, unions, but unions can't say their members all point the same direction anymore an churches can, and I don't think either should be promoting specific candidates. We also need an independent and impartial oversight process to make sure the money spent is in the direct and best interests of the members. Something similar to the charity watchdog orgs. They can also check the overhead percentages and payrolls to look for unusual levels of compensation for union leaders.
 
2020-07-20 4:42:06 PM  
And they think this will entice you to give up unemployment somehow?
 
2020-07-20 5:06:58 PM  

Ambivalence: On the bright side, it's looking like the pandemic is not going to be temporary either.

No, wait, not bright side. Never mind.


Social security is fixed?
 
2020-07-20 5:14:44 PM  
took a 0% pay cut with a 0% increase in workload.

YMMV
 
2020-07-20 5:16:58 PM  
I made $700 last month, so I'm really getting a kick out of this thread
 
2020-07-20 6:01:53 PM  

shabu: I've been here 15 years, and it will be difficult if not impossible to start at my current salary with the credibility I have at my current job. But if my current job is competing with 90% of my current salary, the options begin to open up significantly.


My advice to you would be find a better-paying job.  Whether or not you consider yourself a loyal employee, you get exactly zero loyalty in return from them.

I worked salaried at Ford Motor Company for 25 years.  My only regret is that I cared too much.  Here's why.  For 2020, Ford decided that salaried retirees (and ONLY salaried retirees) should pay $500/mo more in medical insurance premiums, plus they doubled the max. annual out of pocket cost, from $7500 to $15000.  Oh, and they also changed it so the insurance only pays about 10% of the cost until you hit that max out of pocket number.  These figures are for a married couple.  We have two bills for routine blood work on our counter right now, one for $900, one for $850.  That's not insurance, it's corporate-rationed health care.

So that's how Ford, at least, expresses it's 'loyalty'.  I've been buying or leasing Ford products since 1983.  Never again.  If anyone asks me for a vehicle recommendation, it'll be anything but a Ford.
 
2020-07-20 6:15:23 PM  

Yooper56: shabu: I've been here 15 years, and it will be difficult if not impossible to start at my current salary with the credibility I have at my current job. But if my current job is competing with 90% of my current salary, the options begin to open up significantly.

My advice to you would be find a better-paying job.  Whether or not you consider yourself a loyal employee, you get exactly zero loyalty in return from them.

I worked salaried at Ford Motor Company for 25 years.  My only regret is that I cared too much.  Here's why.  For 2020, Ford decided that salaried retirees (and ONLY salaried retirees) should pay $500/mo more in medical insurance premiums, plus they doubled the max. annual out of pocket cost, from $7500 to $15000.  Oh, and they also changed it so the insurance only pays about 10% of the cost until you hit that max out of pocket number.  These figures are for a married couple.  We have two bills for routine blood work on our counter right now, one for $900, one for $850.  That's not insurance, it's corporate-rationed health care.

So that's how Ford, at least, expresses it's 'loyalty'.  I've been buying or leasing Ford products since 1983.  Never again.  If anyone asks me for a vehicle recommendation, it'll be anything but a Ford.


I worked in service at a Ford dealership for a bit over a decade.  The dealership level farks over their employees, too.

I left when they said they were cutting pay by 30%....shortly after thanking everyone for the great year that allowed them to take a 3 week vacation in the Bahamas.
 
2020-07-20 6:24:51 PM  

Tchernobog: The dealership level farks over their employees, too.


The apples, they stay close to the tree...  Seriously though, we're expendable.  Ford gives pep talks about the 'Ford Team' or the 'Ford Family' - "Our people are our greatest strength."  That sort of meaningless corporate-speak.
But when they can screw us over under the public radar like with our medical, they'll do it with glee.

/But I'm not bitter.  It's just business as usual, the American way.  Nothing personal.
 
2020-07-20 10:03:07 PM  
Our work volume is on par with and many times exceeding our most busy Christmas season volume.

Yay getting paid by the hour.

\Please, keep ordering online.
\\I have mouths to feed, besides my own.
 
2020-07-20 11:08:31 PM  
The great news is China's economy will finally overtake the American economy at this point. In addition to 30M evictions, 45M workers on unemployment and another 40M scrambling to find childcare since schools are not reopening.

My point is, it's high time Americans and their political leaders are cut down to size. No more rah rah American exceptionalism. Only poverty, ignorance and resource starvation. And finally the 40% to 45% obesity rate in the American South should slowly but surely reduce the amount of resources that need to be diverted in that direction while also permanently damaging the American for-profit healthcare system.

My point is: we're looking at a nimbler, economically strapped, more diverse America with zero to show for it but at least all the middle aged white Trump supporters are going to be happy for a little while, right?
 
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