Saturday, June 7, 2008

Workers ‘forced to take pay cuts’

Workers 'forced to take pay cuts'

We all know that most of us are effectively having pay cuts in real terms against inflation at the moment, but the GMB union reports that some firms are now actually cutting pay rates in nominal terms due to the hard economic times. This will only feed into the downward cycle of the housing market as people can't obtain mortgages as easy and many won't keep up with repayments. We've got a LONG way to go to get to the bottom.

Posted by c'mon correction @ 12:09 PM (541 views)
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2 thoughts on “Workers ‘forced to take pay cuts’

  • And those who take a pay cut with mortgages whose deal is nearing an end will find their income multiples no longer stack up. So more on SVR …. or worse.

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  • So I got the impression that the unions are OK with this? WTF?

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