Took a pay cut today

[dafischer]

Crap!! Our company announced this afternoon, that due to a lack of order intake (we manufacture capital equipment for the newspaper industry), the company would be closed every other Friday, and all exempt employees would have a 10% salary reduction, as of next Friday. The hourly shop guys will keep their same pay rate, but just lose the hours. This sucks, but at least I still have a job, for now. This will be in effect until business picks up, which judging by the state of the newspaper industry, will be right around the time I see a flock of pigs flying by.

The upside? I get to spend more quality time with the Porsches, and every other week, I'll get three nights to drink on the weekend. Downside, less money to finance these endeavors.

Ratfarts!

[Stutzdriver]

I had the much the same thing happen to me, 10% pay cut and MANDATORY shutdown, without pay for Easter Week and 4th of July week. SUCKS but like you said at least I have a job while many don't.

Trouble I I have so much work to do I can't get it all done! I am a sales rep to the truck body and fire truck industry.

[syncroid]

I was informed as of two weeks ago that my wages just got cut 20%. I am barely making it as it is. I am, however thankfull to still have a job. Hopefully this is only a temporary setback. BTW, I work on these wretched beasties that bring us to this forum. (Porsche)
My wife's business is in the toilet as well. She is in realestate.

[wcc]

In MI, State employees have seen 10% on a regular basis since '04. That includes 'actual' paycuts with increased employee out of pocket healthcare, working for FREE, and increased employee benefit costs coverage. Yet, for some reason no one pays attention until the 'general' public has to do the same. Even though State employees haven't had a 'raise' in years to even, keep up with a 3% cost of living inflation while State Contractors/Consultants start off at a higher base pay and have better raises with similar benefits.

Newspaper business? Just like GM you should have seen the writing on the wall! The internet killed that business years ago but it took awhile for them to see it. So long and welcome to the 'future'.

Stop Cryin' we've ALL had to take some sort of hit. Some worse then others....
(Fortunately, I've personally only taken a %19 decrease in pay)

[fintstone]

Tough break! Hopefully it is only for a short term.

So much for hope and change.

[Rick Lee]

I'm in a weird position. I'm actually making more than I have in the last two years because of our new commission structure. But I'm threatened with my job on a regular basis for being below revenue goal, even though they decided to pay us more for such performance in 2009. It used to be that you got nothing unless you were at 100% of goal each month. Now we start getting paid at 70% of goal, but are in big trouble for being below 100%. I made more in Feb. at 92% of goal than I ever made at 100% or above. Still, I'm littering the world with resumes and not getting any calls for interviews.

[gprsh924]

This week my parents found out that my mom is loosing her job and my dad is not getting his bonus. Between the two that is just about a 50% pay cut. There goes the new dock and pontoon boat for the summer. My mom still had over a year left on her contract so we are hoping to get most of that as severance, but we will see.

[jyl]

Everyone in my company (except those on contract, like my little team) got a 10% pay cut, and bonuses about 1/3 of normal (my team doesn't get bonuses).

Oh, and about 30% of the company has been laid off.

(Financial services)

[jim72911t]

Dave,
Sorry to hear this. I, too, was given two days off this month. Possibly four more next month. Funny how we are both in manufacturing.

It could be worse, though, as the company I worked for a couple of years ago just closed their doors, putting 30+ people out of work. I'm glad I got out when I did, but I feel for my former coworkers who are now looking for a way to pay their mortgages.

Originally Posted by gprsh924

This week my parents found out that my mom is loosing her job and my dad is not getting his bonus. Between the two that is just about a 50% pay cut. There goes the new dock and pontoon boat for the summer. My mom still had over a year left on her contract so we are hoping to get most of that as severance, but we will see.

So sorry to hear. I hope you'll be able to survive without the new dock and pontoon boat.

[Porsche-O-Phile]

Beats having them cut 100%.

Count your blessings.

[Porsche-O-Phile]

Originally Posted by jim72911t

Dave,
Sorry to hear this. I, too, was given two days off this month. Possibly four more next month. Funny how we are both in manufacturing.

It could be worse, though, as the company I worked for a couple of years ago just closed their doors, putting 30+ people out of work. I'm glad I got out when I did, but I feel for my former coworkers who are now looking for a way to pay their mortgages.



So sorry to hear. I hope you'll be able to survive without the new dock and pontoon boat.

No schit. There are people wondering how they're going to pay their rent and/or afford groceries and you're complaining about THAT!?! Sorry, but you can take a number and stand at the very, very distant end of that line over there for "sympathy". Unreal.

[911Rob]

Ha, Ha. wait until you see the old dock? Ha, ha.

First time I had a job that would only "let me" work a 40 hour work week, I started my own business doing some handyman jobs. One thing led to another and I was fully self employed at 19 running my own construction/renovation company. Never looked back since.

One when door closes, another door opens.

I'm sure Dave is will make the best of his situation; good luck there Dave!

[gprsh924]

Didn't post that looking for sympathy, I was merely adding another data point to the effects of the poor economy. And I apologize that job loss for my family doesn't automatically put our two mortgages in jeopardy. It took a hell of a lot of hard work and careful financial planning for that to be my only complaint when income was cut in half. I'm real sorry my parents were/are very smart with their money.

[berettafan]

hey guys as you're posting this info can you also mention the industry?

scary stuff.

[azasadny]

I just took a 12% pay cut... (IT consultant)

[widebody911]

We just took a 5% (permanent) pay cut, lost 2% of our 401k match, lost out 15% discount stock purchase plan, and have to take off a week in April.

[vash]

i have the exact same deal. i slowly warmed to the idea, and now i love the two floating "holidays" per month. i have been hiking and getting stuff done more than ever. ok, i have been hunting hogs with my bow, like a madman. still havent gotten one, but the extra time off is paying off huge in learning experience. my wife is super understanding, and lets me get away at a drop of a hat. the 10% money lost? i got used to it.

i will be sad when it goes back.

[dd74]

Originally Posted by vash

ok, i have been hunting hogs with my bow, like a madman. still havent gotten one, but the extra time off is paying off huge in learning experience.

Well, when you do get one, maybe you can start a pork carnitas business on the side.

[vash]

hmmmmmm....carnitas. i had some last night at a hoity toity TAPAS bar.. yum.

[Zeke]

Originally Posted by Porsche-O-Phile

Beats having them cut 100%.

Count your blessings.

Yep, when there's no work and your health is collapsing, a few less percentage points look good.