Oh boy...

[CoffeeCat]

My husband just called. His employer just asked him to take a $1,000 per month pay cut, until June.

These cuts are happening across the board at his company.

I think I'm in shock.

[ellie]

1. Everyone in

my company took a pay cut, too.

[CoffeeCat]

3. It's hard, isn't it?

You run the numbers, and it's kinda scary.

However, I am looking at the bright side. He has a job. He wasn't fired. The company is still afloat.

Who knows, a cut in salary may look like an abundance in six months.

[ellie]

9. Yes, I still have a job

for now. I am the only breadwinner and have to pay all the bills, including the mortgage, as well as health insurance. I drastically cut my 401K automatic deduction. I won't be able to make it if I get less take home; I won't have enough to pay the bills and have some left over for food. Forget saving anything, except the black hole that is my 401K account. I won't say how much I lost in last quarter. I almost burst into tears when I opened the statement.

I am very, very worried.

[Donnachaidh]

18. Is this the first pay cut they've asked for?

I don't want to seem like I'm peeing in your breakfast cereal, but Hubbie should be looking into alternative jobs NOW.

We went through two cuts, and were always told *this is it, no one is going to have to take any further cuts* - and within a few months, the entire company went belly up. We had NO warning when the end hit. He was handed his paycheck and shown the door.

Having said this, I sincerely hope it is just the one cut, and the company stabilizes. My DH's company was 40 years old, and had a multi-million dollar year the year before it went out of business.

Have him put out feelers NOW. Just for sanity's sake. And good luck to you.

[CoffeeCat]

20. I appreciate you peeing in my cereal..

...because you are absolutely right.

Hubby works for a high-tech company that has been struggling for a while. They've recently
hired new upper mgmt...so this really is a last-ditch effort. If they don't start making more
money this year, it's all over.

This is the first set of cuts. However, there have been a couple of rounds of layoffs.

It's basically a skeleton crew remaining, but they're adding some new marketing and sales people.

We see the writing on the wall...or at least I do. I'm staying home with our kids now, but that luxury
is officially ending. I'm returning to work, to help insulate us from his company going under and to
shore up our cash.

I have a feeling the entire economy will tank and that having large cash reserves is going to be the
only way to survive until the economy comes back.

This is all very scary.

[Frustratedlady]

2. Ouch! That's a bunch.

Is this in industry/manufacturing?

[CoffeeCat]

4. No....he works...

...in the high-tech sector.

[leftchick]

5. my husband was told last week he is getting a 5% salary cut

I haven't dared to figure out how much that is a month. :(

[scarletwoman]

21. I just got a 20% pay cut. I'm no longer allowed to work more than 32 hours a week.

It still hasn't quite sunk in...

sw

[azmouse]

6. My husband has to take 2 unpaid weeks off before the end of June.

I'm hoping that'll be all but I suspect it's just the beginning.

[gratuitous]

14. That double sucks

But . . . in the interest of making lemonade out of lemons, is there a local project your husband might work on during those two weeks? Perhaps write up an account for the company newsletter? It sucks not to be able to earn a living for two weeks, but is there a way to make himself and his company look good, even in the midst of this bad economy?

[azmouse]

15. Well, he's writing a book with the assistance of his boss.

That helps to keep him in his boss's mind in a good way. :)

We'll be ok. He makes good money and we've known about the cutbacks for a month now so we've reduced spending to conpensate for the lost income. We're just very thankful that he still has a job right now. His company is talking about layoffs too so who knows what will happen. We'll have to hope for the best and prepare for the worst.

[Fleshdancer]

7. I'm sorry to hear this. On the bright side though....

it sounds like the company is working hard to find ways to keep their employees instead of laying people off. I find this very admirable.

[bkkyosemite]

8. At least these companies sound like they care about jobs for u.s. citizens. Not like the big

corporations owned by those not from this country who are laying off left and right and will in a few months hire back foreigners in their place...it's in the works...

The honest companies are feeling a squeeze but are respectful of their workers and that is a good thing to see right now with all the lies and crookedness going on.

[shireen]

11. if you encounter specific cases, call your member of Congress and complain loudly. nt

[4_TN_TITANS]

17. I don't necessarily buy it, without knowing specific co. financials

Many companies would jump at the change to point to the economy and knock employee pay down 5%, it could take years for the employees to make up their personal losses from that. All the more for management to pocket in the meantime. If my company asked that, I would like to see the finances to back up the request.

[tavalon]

10. My hubby had his hours cut at work

about 6 weeks ago. Luckily, I'm a nurse in a union shop. I think I'm secure for now.

[WillyT]

12. 10% Cut For Me...

:mad:

[taught_me_patience]

13. Wow that is a lot.

Hopefully things will have turned around by June.

[tandot]

16. My husband works for a CA county goverment and has to take 4 days unpaid furlough this year

It is distributed over the year so it won't hit us too much. His job is safe but if they can't cut costs, other employees will lose their job.

$1000 a month is quite a pay cut. That sucks.

[SergeyDovlatov]

19. I will take a pay cut over being laid off in a conditions like this n/t

[cynatnite]

22. ouch. Hope he doesn't lose his job. n/t

[SoCalDem]

23. We took a $23,490 "hit" on our 401-k and a $218K hit on our house "value"

So far business is good where my husband works, BUT, they are trying for contracts for things to be built in 2012, so they always lag behind..they will feel the pain AFTER other businesses are through this part..:(

[Lugnut]

24. Ouch!

My daughter works for a PBS affiliate. She's required to take 7 unpaid days off by the end of June. Upper level management has taken pay cuts and some staff members have been laid off.

[firedupdem]

25. Thats the way things are going. After relocating here for a job

after losing ours in Michigan, my husband just had to take a 10% cut. We're getting screwed big time. It's getting really scary.