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gruffydd

Just Over Half Uk Workers Have Accepted Reduced Pay And Benefits

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http://ftalphaville.ft.com/blog/2009/06/17...exible-workers/

"recent survey data indicating a little over half of UK workers had accepted reduced benefits/pay or chosen to take unpaid leave rather than face the prospect of redundancy."

Interestingly, the article goes on to highlight the issue that sacking workers might be better for the economy than cutting their pay...

"better to suffer redundancies than indefinitely propel a deflationary cycle via wage cutting."

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bit like people renting their houses out rather than taking a loss , they may come to look back and think we should have taken the loss on the chin and moved on

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Pah.

http://www.dailymail.co.uk/news/article-50...ropping-up.html

Senior staff at beleaguered Northern Rock have received secret bonuses doubling their salaries ? at a time when the bank is being propped up by billions of pounds of taxpayers' money.

http://www.telegraph.co.uk/finance/finance...t-bail-out.html

RBS will pay bonuses to staff despite government bail out

Thousands of staff at Royal Bank of Scotland, which is being bailed out with £20 billion of taxpayer's money, will be paid bonuses this year despite government assurances that City pay would be curbed.

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Guest DissipatedYouthIsValuable

Should I be worried about a hyperinflationary monetary holocaust?

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http://ftalphaville.ft.com/blog/2009/06/17...exible-workers/

"better to suffer redundancies than indefinitely propel a deflationary cycle via wage cutting."

"over half of UK workers had accepted reduced benefits/pay or chosen to take unpaid leave"

Surely the above in quotes/underlined and a deflationary cycle via wage cutting are the same thing aren't they?

What moron wrote this article!

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"recent survey data indicating a little over half of UK workers had accepted reduced benefits/pay

Reduced income = less money to spend on mortgages = lower House Prices.

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Should I be worried about a hyperinflationary monetary holocaust?

As long as swine flu doesn't turn into a fatal pandemic affecting the entire globe,

and as long as North Korea and the USA don't start a nuclear war,

then, yes, feel free to concentrate your worries on the hyper-thingy-whatsit.

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"over half of UK workers had accepted reduced benefits/pay or chosen to take unpaid leave"

And the other half work for the government :ph34r:

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Guest DissipatedYouthIsValuable
2wrgtmu.jpg

There's plenty of fat to be cut yet

Knowing the shower of ***** in charge at the moment, they'll probably pass a law that has you singing Desmond Dekker while you work.

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Knowing the shower of ***** in charge at the moment, they'll probably pass a law that has you singing Desmond Dekker while you work.

When the BBC start showing Robert Johnson and John Lee Hooker documentaries instead of the One Show you know it's all over.............

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I'm very suspicious. I can't find an organisation called RBC Capital Management, only RBC Capital Markets and they're Canadian. And "RBC Capital Management" seem to be only quoting from a survey done by someone else, waaay too Chinese whipsers for me.

Apart from anything else, how many public sector employees will have accepted any of this, zero would be my guess.

Each of you ask yourselves, have over half the people you know done this? I know of very few.

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I'm very suspicious. I can't find an organisation called RBC Capital Management, only RBC Capital Markets and they're Canadian. And "RBC Capital Management" seem to be only quoting from a survey done by someone else, waaay too Chinese whipsers for me.

Apart from anything else, how many public sector employees will have accepted any of this, zero would be my guess.

Each of you ask yourselves, have over half the people you know done this? I know of very few.

Did you RTFA? Nowhere does it mention "RBC Capital Management".

...and if you think the FT is in the business of propagating "Chinese whispers" then I nominate you as the greatest bullsh!tter of '09. (so far.)

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A figure of 50%+ seems astonishingly, and i think i can safely say implausibly, high.

Very, very, few 'normal' jobs that I know of have imposed wage cuts.

About a quarter of our workforce is public sector [no wage cuts there] and many [a million or something?] of the rest are on the minimum wage [which always seems to manage to outrstrip inflation].

Of the few people that I do know who have had their pay cut, in nearly all cases we're talking about unchanged basic rates but lower discretionary bonuses, making less in total overall.

I think that one thing probably is clear from this, though - even if the exact figures seem to be over-egged, we are currently in a period of not only rising unemployment but also exceptionally low wage growth. The bulls' fanciful theories about QE, inflation, and consequent house price growth might conceivably turn out to be true one day but right now, with consumer price inflation easily outstripping wage inflation, the amount of money that people have to spend on pwoperdee is falling, rather than rising. This makes runaway HPI implausible, unless mortgage lenders for some reason start offering much highier earnings multiples.

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I'm very suspicious. I can't find an organisation called RBC Capital Management, only RBC Capital Markets and they're Canadian. And "RBC Capital Management" seem to be only quoting from a survey done by someone else, waaay too Chinese whipsers for me.

Apart from anything else, how many public sector employees will have accepted any of this, zero would be my guess.

Each of you ask yourselves, have over half the people you know done this? I know of very few.

I don't believe it. I'm giving raises, and that's a manufacturing business with 600 people in it.

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i suppose a small personal anecdote is that my wife recently earned what for her was a fairly big promotion, although the pay bands of her old and new post overlap slightly i'd say that the norm would have been for her to get around a 10% rise, maybe a bit more. she got nothing.

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We got am email round from one of the big willys saying there would be no pay increases at all across the 1,800 people employed in our company. I'm sure thats fine if you are on 100K+ but most people i work with have been on the same wage for 2 years +

There is this really $hitty 'like it or lump it' attitude at the moment, where big companies know there are not lots of jobs available so people just have to accept being treated like crap.

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We got am email round from one of the big willys saying there would be no pay increases at all across the 1,800 people employed in our company. I'm sure thats fine if you are on 100K+ but most people i work with have been on the same wage for 2 years +

There is this really $hitty 'like it or lump it' attitude at the moment, where big companies know there are not lots of jobs available so people just have to accept being treated like crap.

Tell 'em to do their job properly and think long term, and increasing rewards for increasing productivity would be natural and available.

EDIT: I have to stress I mean tell the MANAGEMENT on this one.

Edited by bogbrush

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"over half of UK workers had accepted reduced benefits/pay or chosen to take unpaid leave"

Surely the above in quotes/underlined and a deflationary cycle via wage cutting are the same thing aren't they?

What moron wrote this article!

My old employer tried that, so I resigned. I reckon their stupidity has lost them £20m in future business. I also managed to pick up an inflation busting pay rise by moving into a new job.

Fortunately I'm not the vindictive or revengeful sort, if I was I'd be out selling my knowledge of the bids I was previously working on to a competitor.

My advice is be brave, know your worth and don't take any crap.

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It's not all about salaries if you read the quote. For instance:

loss of pay could be down to loss of overtime.

with inflation still positive, a wages freeze is a fall in pay in real terms.

lost of benefits could be removal of subsidy from staff canteen.

cancelling the christmas party or summer barbecue.

moving off a final salary pension scheme onto money purchase.

a more thorough examination of expenses claims, a ban on 1st class travel, caps on hotel room rates payable.

buy your own tea and coffee.

etc. etc.

At least four of these have happened where I work.

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I'm very suspicious. I can't find an organisation called RBC Capital Management, only RBC Capital Markets and they're Canadian. And "RBC Capital Management" seem to be only quoting from a survey done by someone else, waaay too Chinese whipsers for me.

Apart from anything else, how many public sector employees will have accepted any of this, zero would be my guess.

Each of you ask yourselves, have over half the people you know done this? I know of very few.

No, not half, but I know a few have. A friend of mine works for a local council and all the staff in her department had a job 'review' earlier this year, resulted in pay cuts of between 1K and 4K a year.

A family member has always had overtime for the last 15 years been told there will be no more.

Another has had hours cut.

Another got early retirement, not quite that cut and dried but it was the kind of situation where you wouldn't want to stay.

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