{"id":56778,"date":"2020-08-30T17:32:00","date_gmt":"2020-08-30T14:32:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/how-employees-can-overcome-significant-salary-benefits-cuts\/"},"modified":"2020-08-30T17:32:00","modified_gmt":"2020-08-30T14:32:00","slug":"how-employees-can-overcome-significant-salary-benefits-cuts","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/how-employees-can-overcome-significant-salary-benefits-cuts\/","title":{"rendered":"#How employees can overcome significant salary, benefits cuts"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a387500b72ee\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a387500b72ee\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/how-employees-can-overcome-significant-salary-benefits-cuts\/#Have_a_money_party\" >Have a money party<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/how-employees-can-overcome-significant-salary-benefits-cuts\/#Negotiate\" >Negotiate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/how-employees-can-overcome-significant-salary-benefits-cuts\/#Micromanage\" >Micromanage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/how-employees-can-overcome-significant-salary-benefits-cuts\/#Get_rid_of_any_excess\" >Get rid of any excess<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/how-employees-can-overcome-significant-salary-benefits-cuts\/#Lower_your_voluntary_payments\" >Lower your voluntary payments<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#How employees can overcome significant salary, benefits cuts<\/strong>&#8221;<\/p>\n<div>\n                        Employees are working harder than ever to retain their jobs, working for lower salaries, slashed bonuses, vanishing employer 401(k) matches and higher health insurance costs. Others have had to tap into vacation or sick days instead of being furloughed, or as a sacrifice to the bottom line.<\/p>\n<p>A Westchester woman (who asked that her name not be used) was laid off via text message back in March and then was rehired three months later into the same support role \u2014 working from home with a 25 percent pay cut and minus the company\u2019s 4 percent contribution toward her 401(k). \u201cIt\u2019s a big cut in my budget,\u201d she said.<\/p>\n<p>Pay cuts aren\u2019t anomalies. According to the outplacement firm Challenger, Gray &#038; Christmas, a recent survey of HR managers revealed that one in three companies has cut employee pay during the pandemic. And according to Mercer\u2019s COVID-19 spot survey, nearly half of employers may make changes to their health benefit plans during annual enrollment this fall.<\/p>\n<p>But Roy Cohen, a Midtown career coach, said that \u201cI have never worked with a client who did not get upset when their salary was cut.\u201d<\/p>\n<p>Cohen suggests asking management about the time frame and conditions when your full salary will return.<\/p>\n<p>\u201cKnowing that the cut will be contained and that the company is committed to your well-being removes some of the uncertainty tied to your financial security and your wherewithal to make it through this rough patch,\u201d he said.<\/p>\n<p>Those business decisions are tough, but also legal, \u201cso long as the employer puts the employee on notice in advance of the reduction, and prior to the employee performing any work during the pay period in which it takes effect,\u201d said Mark Kluger, co-founding partner of employment law firm Kluger Healey LLC in Fairfield, NJ. \u201cThe exceptions are if the employer has a collective bargaining agreement with a union or an employee has an employment agreement.\u201d<\/p>\n<p>Employers may also reduce workers\u2019 hours to avoid layoffs or furloughs.<\/p>\n<p>\u201cWhether or not this is a viable solution depends upon a number of factors,\u201d said Cornelia Gamlem, co-author of \u201cThe Big Book of HR,\u201d (Career Press). \u201cSuch as, the type of work and the industry, the type of establishment (office or retail, for example) and whether employees are hourly or salaried.\u201d<\/p>\n<p>Employers should focus on morale and consistent and transparent communication.<\/p>\n<p>\u201cCompanies that show empathy toward their employees will send a strong message about how much they value them,\u201d said Gamlem.<\/p>\n<p>That <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">script<\/a> may want to highlight this temporary period so employees can adjust.<\/p>\n<p>\u201cFor the time being, that [salary cut] seems to be a small price to pay for a stable job, especially if their company promises to restore this benefit once we return to a new normal,\u201d Cohen said. \u201cIf they [employers] don\u2019t follow through on their commitment, then you have reason to begin an active job search.\u201d<\/p>\n<p>If you work for a company that slashes your health coverage or if your out-of-pocket costs skyrocket, you may want to explore coverage through a broker who represents a number of insurance companies, or through the health care exchange. The Affordable Care Act (aka Obamacare) makes plans available to everyone whether or not your employer offers insurance, though you may not qualify for subsidies. Open enrollment runs from Nov. 1 to Dec. 15 of each year, but you can enroll anytime after losing a job or other life events.<\/p>\n<p>Gamlem said that employers evaluating their plans should consider encompassing telehealth within their plans, which often expands the employees\u2019 access while being more affordable.<\/p>\n<p>\u201cBe sure that telehealth is included with your health care coverage,\u201d she said. \u201cTelehealth is very effective in reducing costs.\u201d<\/p>\n<p>Meanwhile, managing your downsized wallet presents challenges. Although you\u2019re saving money from the commute, child care and dining out, your bills may inch higher for take-out, groceries and utility bills. Experts weighed in on how to cope.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Have_a_money_party\"><\/span><strong>Have a money party<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ashley Feinstein Gerstley of Hoboken, NJ, money coach, founder of feminist money platform the Fiscal Femme and author of \u201cThe 30-Day Money Cleanse\u201d (Sourcebooks) said this is an opportunity to revisit budgets during a \u201cmoney party.\u201d<\/p>\n<p>\u201cA money party is time I set aside to look at my spending and tackle any other financial to-dos,\u201d she said. She recommended having them at least monthly for around 90 minutes. Enter expenses into a spreadsheet and check on monthly progress toward goals.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Negotiate\"><\/span><strong>Negotiate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>You might be able to negotiate rates on things like Wi-Fi and cable. And, \u201cdefinitely keep up to date on government COVID relief available,\u201d said Gerstley. \u201cIf you have federal student loans, you now don\u2019t have to make payments through the end of the year.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Micromanage\"><\/span><strong>Micromanage<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Take charge of your credit cards. Leslie Tayne, founder and head attorney of Tayne Law Group in Midtown and author of \u201cLife &#038; Debt\u201d (Gateway Bridge Press), said, \u201cIf you\u2019re struggling to make <\/p>\n<figure><figcaption><\/figcaption><\/figure>\n<p> payments, contact your creditors and ask them for lowered interest rates or other assistance. If you put your credit cards into deferment, it won\u2019t help you reduce your debt, but instead delay them until a future date. Pay off day-to-day expenses and then tackle the debts where creditors are more flexible.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Get_rid_of_any_excess\"><\/span><strong>Get rid of any excess<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Eliminate unused software or entertainment subscription services which auto-renew. \u201cIf you haven\u2019t used it in three months, cancel it,\u201d said Tayne.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Lower_your_voluntary_payments\"><\/span><strong>Lower your voluntary payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Temporarily reducing retirement contributions is strategic when money is tight. Also, \u201cfaced with no other options, individuals can withdraw or borrow from their retirement account without penalty under the CARES Act. Still, funds taken out will be taxable income.\u201d\n            <\/p><\/div>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more Living <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>if you want to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">watch Movies<\/a> or Tv Shows go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/dizi.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Dizi.BuradaBiliyorum.Com<\/a> <\/span> for forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2020\/08\/30\/how-employees-can-overcome-significant-salary-benefits-cuts\/\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#How employees can overcome significant salary, benefits cuts&#8221; Employees are working harder than ever to retain their jobs, working for lower salaries, slashed bonuses, vanishing employer 401(k) matches and higher health insurance costs. Others have had to tap into vacation or sick days instead of being furloughed, or as a sacrifice to the bottom line&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":56779,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[61258,61257],"class_list":["post-56778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-benefits-cuts","tag-how-employees-can-overcome-significant-salary"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/56778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=56778"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/56778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/56779"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=56778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=56778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=56778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}