Anyone who's had to take a paycut from work..

[buckinwild]

Well Thurs. morning there was a meeting held at my work and come to find out they are initiating a 10% cut in pay, we're losing 1 week paid vac. and no more company match on our 401k. It goes into effect for salary and non unionized plants Monday but since we are union we'll have to vote to ratify our contract prior to it effecting us but anyway I was curious if anyone else has been in this situation and how well their creditors worked with them as far as tempararily reducing monthly payments etc. , I've been checking into a second job but not much to choose from at the moment.

 

[blackvenom77]

once you lose something you almost never get it back. my work cut almost all the overtime and extras out of are pay.

 

[thasalvoo]

just be greatful you have a job

 

[Mommas Donuts]

Thats sucks man, my pay was cut 70% so you are lucky in my eyes.

 

[Drrty281]

yep

My job did the same thing. We had to take one week mandatory vacation at the beginning of the year. Then they docked us one day of pay every two weeks. Now they are sending people home if we have little or no work in the house. This was only supposed to last until April 12th but they've extended it to, well indefinately, I guess. There has been talk about making it permanent. Haven't had to look for a second job, but am looking around while I think about it. Losing those two days of pay totally wiped out whatever "discretionary funds" I may have had.

 

[s_x_i]

My pay was cut 100%

I'm doing odds and ends to make ends meet, sent out over 200 resumes and called every contact I have. There's not a lot of oilfield legal contracts up for grabs right now. :bored:

 

[shanezt]

wait, a 10% pay cut means you cant pay the bills? i sure dont see creditors feeling too sorry for you. 10% is not much of a hardship.

my wifes work cut her back to 32hrs a week. she was pretty upset but i just told her to be thankful she has a job and benefits. then i told her to get in the kitchen!!

 

[buckinwild]

Alot of people at my work feel if we don't vote yes to accept this deal that it may mean eventual plant closure and there really isn't a guarantee that it won't regardless but as much as it sucks I'll likely vote yes to take it and hope for the best outcome. These are tough times, good luck to you all.

 

[blackvenom77]

just be greatful you have a job

true that, it could be a lot worse! just have to suck it up and hope for the best.

 

[LOLasaurus]

100% pay cut here

 

[Common]

If 10% pay cut puts you in danger that you have to call creditors and negotiate lower payments, you have bigger issues brewing my man!!!!

 

[03cobra#694]

just be greatful you have a job

True

 

[NIT2WN]

I lost a little more than 10%. We were off for 5 weeks at Christmas, taking unemployment for 2. We're on 30 hr work weeks, and we will be off another month for 4 weeks with only one of one by our vacation, and the other 3 unemployment. We've lost $600 a month since last October. I won't say that was my bad habit fund because I never spent that much, but I'm starting to flinch for speed parts. We've never spent what we've made so it hasn't killed us, just destroyed the bad habits and extras. 10% won't be that bad, after taxes you might be only down 7%.

 

[mike79]

My fathers company just took an 8% pay cut across the board, and this is in a very affluent, upscale jewelry store. To know its hitting the upper 1%tile in NY is scary.

I'm in the construction industry, and I thank god at the end of every day that I still have a job- we are so slow. We have a few major 100mill projects on hold because the owners cannot close the financing deals due to the banks not really lending (that and also the sub bond market sucks right now as well). Once the banks truly start to soften their grips on loans, and the construction industry starts to boom you will see the economy start to rebound. Construction is always the first major indicator to look at in relation to what the economy will do.

 

[SVT4ME]

I got hit with a very small pay cut. But living beyond your means will always get you in trouble very quick. Luckly me and my wife combined make great money but I am worried about losing my job if the economy keeps going down. So in turn am spending less and saving more which just keeps the economy going down

 

[ULTIMATE ORANGE SS]

no 401k match or raise this yr for me. my hrs are down slightly by my bills are paid. im getting by. having extra free time is nice when it gets warmer.

 

[03stang74]

My work cut us back to 32 hours a week, and I hate to say it but I see more things being done before its all done....but like previously said, atleast I have a job in these hard times.

 

[Lumpydogs]

We took a 20% pay cut in January, had our health insurance premium bumped up $340 a month and lost our 401k match. In April, we got 10% back, so we are only down 10% now. Probably wont see that this year.

The ironic part is that we are pouring time & money into a new start up facility in Texas and hired a couple more sales people.

 

[thasalvoo]

my pay was cut 100%

i'm doing odds and ends to make ends meet, sent out over 200 resumes and called every contact i have. There's not a lot of oilfield legal contracts up for grabs right now. :bored:

+1

 

[DaJoker]

no 401k match or raise this yr for me. my hrs are down slightly by my bills are paid. im getting by. having extra free time is nice when it gets warmer.

x2. Also lost 2 work days per pay period(every 2 weeks). Benefit is I now have every other Friday off. I'm kinda digging it now. My "sugar momma" is finishing up with taxes and will prolly go back to her other job.......double paychecks FTW!!!