Saturday, April 11, 2009
Average weekly wages fall for first time since 2001
Thousands of jobs have been cut in the construction and financial services industries, while those who still have jobs are likely to see pay frozen, or even reduced, in the coming months. Firms run under partnership, such as legal practices, have also seen salaries come down. Many cash-strapped firms have also cut back on contractors or stopped using them altogether to save money. BT has already made about 6,000 contractors redundant over the past few months as part of its plan to cut 10,000 staff. Those who remain with the business had until earlier this week to accept new terms, including lower rates of pay. Cuts are understood to have ranged from 10% to as much as 30%.