H voluntarily furloughed to help more with the girls and to protect his team (though they all had to take pay cuts too). He is getting unemployment and we expect him to go back to work once daycare reopens. If they can’t pay him (small business) we hope he can find another job quickly given his skill set (IT).
I voted "Increase" but I wasn't sure if that was the right choice. Our regular pay hasn't changed, but H got a few thousand of hazard/overtime pay last month and prob will again this coming month, from doing work that he is required to do. (So I mean, he isn't just picking up extra overtime for fun; he is required.)
Mine decreased a lot when I left my prior job in February (by choice - kind of) but I expected to find a job quickly. That wasn't the case, so it was lowered a lot longer than anticipated. Thankfully the CARES Act has helped with the increased unemployment, so we're only around 10% down at this point in time. I start a new job June 1, and will actually be bringing in less b/c of 401k/health insurance (never had to pay for those before) but now isn't really the time to hold out for a higher paying job. Plus, this is a new role for me (project management vs. accounting) that will open up a lot more doors and more money in the future.
DH says he expects a pay cut, but he sometimes gets unnecessarily anxious so I'm not sure if he's just bracing for the worst or how accurate that really is. He works for a state university but his department is really small so he doesn't think they'll do full layoffs in his department.
Post by dr.girlfriend on May 4, 2020 9:14:00 GMT -5
Mine is the same, although I suspect there will be cost-cutting in the future in the form of no raises, cuts in professional funds, no bonuses, etc. DH's job temporarily stopped 401k matching and did a sliding scale salary decrease, so that his salary decreased about 20%. I suspect he might lose his job in June/July though, since his role involved almost entirely public speaking and was a sort of experimental position to begin with.
DH lost his consulting job. It's disappointing as it was a sweet gig (part-time, fully WFH, and paid well). It was supposed to end by the fall anyway though.
No change (single income family). H's company has been very open that they expect everyone to keep their jobs and no reduction in salary... I am still hopeful that is true at this point. I wouldn't expect it to change unless this continues (and worsens) through the fall.
It technically increased because H’s company gave all employees an extra $1K to help them weather the crisis. However, I worry about the stability of his job since he is the point of contact for new clients, and I imagine the number of new clients is going to be decreasing soon. I likely won’t get the promotion I was expecting this year since we are on a hiring freeze, but otherwise my income should remain stable unless things get drastically worse.
I chose not affected, but I am contractor and my secondary contract ended in March (as planned). I had planned to pick up another client, but haven't because I am having trouble keeping up with my primary contract on top of supervising schooling for my kids.
We are technically the same right now, though my husband has to take some days as mandatory PTO. He hasn't been furloughed or received a pay cut yet, though. I am still the same, but my compensation structure is mostly based on profit distributions. The first one for this year would normally be next month, and I am expecting that to be cut, honestly. I am projecting that we will probably end up this year with less than half our HHI from 2019.
Post by keweenawlove on May 4, 2020 11:25:20 GMT -5
H just got hit with an 8% paycut for the next 12 weeks minimum but we can handle that.
I haven't been hit with a paycut yet but I have to start taking 1 day of PTO a week indefinitely. I really wish I could just take some of them off unpaid. I'm salary and my company is only giving hourly employees the option to take the time unpaid instead of burning through all our PTO and going negative. I only have 6 days because I had to burn through all of them before taking FMLA for our adoption (wasn't eligible for maturity leave). Starting to feel like I'll never be able to visit my family again.
Post by capscapscaps on May 4, 2020 11:29:12 GMT -5
No salary reduction for me or H, however I don't get my annual raise or the adjustment I was put in for, and my bonus (if we get one) will probably be 75% of what it usually is. H also probably won't get a raise or a year end bonus. At this point we're just happy to still have our jobs at regular salary.
I said other because I am furloughed, so on unemployment. I am getting more $ now that my take home when I was working, but I am paying my health insurance and retirement contributions out of that, when they used to be taken out of my gross, not net. I am able to do some telehealth sessions per diem and that goes to pay for my health insurance; it doesn't pay my whole insurance bill but anything helps.
When I go back (right now we are closed until June 29th), I expect a pay reduction so I am also setting aside $$ to have a buffer for when that happens.
No change right now. MH is a tenured teacher and has been teaching remotely.
My job is normally WFH anyway so that part hasn’t changed for me. I was hired last year to help develop a new (in person) conference, which obviously had to be cancelled along with a couple other conferences, and the company took a large financial hit as a result. Layoffs haven’t been mentioned but I suppose it’s possible.
Post by hurricanedrunk on May 4, 2020 12:58:20 GMT -5
No change for either H or I. Both our raises went through before all this hit which was fortunate. I am more concerned on how this looks for us in the 6 months to a year from now.
Post by lilypad1126 on May 4, 2020 13:25:39 GMT -5
No change for us, yet. My H works very part time and any income he brings in is treated as "extra" money that we spend on frivolous stuff. He's been scaling back for a few years, and imagine this will be what convinces him to stop working entirely.
My job is as stable as a job can be during this. I work in higher ed, in an "essential" department, so while I won't be getting a raise anytime soon, I am just happy to still have my job. We'll find out this Friday if they are furloughing anyone, but I've been assured my entire dept is safe. I feel very fortunate that I have this job and the relative stability that comes with it.
No change for us. Yet. Who knows what the future will hold but we both work in an industry that is being looked at to help bring us through this. I hope that helps.
We are hurting. No bonuses for me (significant chunk of comp), real estate distributions stopped, and DH had to close his business so no salary from him. Luckily we are finally able to access unemployment so that is keeping us afloat. But if they push to open his business again we are screwed because we’d probably lose the unemployment but DH can’t open his shop at reduced capacity (wouldn’t make enough to offset his expenses), and I can’t watch the kids while working.
hurricanedrunk sounds like me. No impact for now. I worry more about 6 months out. My company is going through a merger, so my fears are merger-not COVID-19- related.
I work in finance and this has been a very weird time. 2019 was a really good year and my bonus was paid out at 150% right before this all happened. I expected them to say that raises would not go in effect, but it was in my April paycheck. I also received a small bonus as a thank you. They pulled me out of my normal job and have me doing something completely different and it’s requires a lot of overtime (salaried employee).
I feel like I’m walking toward a cliff though. At any moment I’m expecting to lose my job.