Brrr...My Salary Got Frozen
Posted on March 09, 2009 by Her and tagged employment
Today at work I found out that my raise for this year is...zip. My company has been affected by the market downturn and there's no telling how much work we'll have in the near future. Right now my CFO wants to be cautious and not increase their fixed costs, so no raises for anyone. I'm really grateful to have a good job, and it's comforting to know that salaries were frozen across the board (no executives got raises either). I'm not exactly surprised by the freeze but it has shaken my confidence a bit. Thank goodness we're financially stable and weren't counting on a raise!
How about you? Are you getting a raise this year? Is your boss?
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Gigi | Mar 9, 2009
Execs did not, but lower people did. I got 4.29%. A few weeks later, they stopped 401(k) matching and now make us pay our own 401(k) fees. When business picks up, I can see matching come back, but i'm afraid we're forever stuck with the fees.
My husband will find out in June if he gets a raise.
In December bonuses were handed out and because the execs took smaller ones and the rest got a bigger bonus.
Right now things are looking up, but it's better to be a little cautious.
SJ | Mar 9, 2009
Feels sort of uncouth to say it, but I just found out today that my raise is 6.7%, effective immediately. They also did bonuses (smallish), yet the company as a whole is laying off people this year. Perhaps up to 10% of the total company by years end.
Certain divisions/people, I imagine, got less in raises. But they thought that salary freezing would put them at a competitive disadvantage for hiring, and I think others in industry also went ahead with raises, despite the fact that the industry isn't booming.
Weird.
CashAholic | Jun 2, 2009 | Reply to SJ
I got a bonus this year. I will get a raise once I have been with the company 2 years. Though, I am not sure how much it will be. My manager, said our company wanted to retain talent.
It's weird because my company laid off people this year, and a lot of department's within my company have hiring freezes.
Well, my husband's out of work and I'm doing some contract work. So luckily neither of us were depending on a raise.
That said, we are pinning our hopes on an extension of his unemployment benefits (without them, we're looking at about $1700/month for everything). But the unemployment office still needs "more information" about the extension before they can say for sure.
Becky@FamilyandFinances | Mar 9, 2009
Salary freeze at my employer, too. No layoffs yet, though, and I think that's the better way to do things.
Hubby got his raise last October, but they've done layoffs with more possible. We'll see how that works out!!!
CherylM | Mar 10, 2009
-No raise
-No 401K match
-1 week mandatory unpaid leave of absence.
Other than that things are just greaaaaaaaaaaaat.
DollarDream$ | Mar 10, 2009
*Salary freeze.
*Continue with 401K match
*Nice, big bonus ( almost equal to one month salary)
I am thankful that they didn't cut our pay ( lot of other companies are doing it) and extremely grateful to have a job ( just had layoffs last week in our company).
Both CT Dad and I work in financial services/insurance.
- No raise for me, tiny bonus.
- CT Dad got a 3.4% raise, small bonus.
So far, both our 401(k) matches are in place. My company is now talking possible shortened workweeks or furloughs. I may volunteer for the shortened workweek, since we could afford the pay cut and it would give me more flexibility for our family. CT Dad makes more than me, and his job is secure at the moment.
So for today I'll take what I can get. Who knows what will happen tomorrow?
Sorry to hear about the freeze on your raise but glad to hear that you're happy at your job and still have it. A lot of people can't say either of those things right now!
I'm in an interesting position because I work as a freelance employee. I typically give myself a raise at least once each year (meaning I increase my rates) but this year that may not be the case. I won't really be able to tell until later in the year. At the same time, I do still have steady work and a good set of clients so I definitely can't complain either!
MVP | Mar 11, 2009
I quit last fall for different reasons, but my industry is in the tank. Since then, the national company not only froze wages, but just announced they're reducing wages and laying some people off altogether. Some offices are doing fuloughs, they've also stopped the 401K match and suspended the pension program. Yikes. Glad I got out when I did. Is it too much to say "consider yourself lucky"?
Nope, nothing this year. I'm grateful to be working. We're ok, however, this uncertainty in the economy leads people to get pretty down. The last company I worked for in nearly non-existent. They've laid off almost everyone. I hope they can make it although there's no insurance of that with the current state of things.
Jerry
www.leads4insurance.com
drjake | May 6, 2009
Salaries were frozen at my company also which sent me into a meltdown given that I worked my way to the top of our rack-and-stack this year. So with nothing to show for my efforts I took the offensive and put out my feelers for a promotion.
Three weeks later (yesterday), I accepted a lateral move with a 4% raise (not much, but certainly more than anyone else is getting). I'm on the fence as to whether I should feel guilty that I wasn't content with having my current job or feeling proud that I refused to be complacent with the situation.
Jen | Mar 9, 2009
No raise for me either. We are on a calendar year, and every January we typically have a stair-step system, not so much this year. But, like yourself, I am just glad to have a job...
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