Worker pay

Workers taking 40% wage cuts due to credit crunch

Employers are asking workers to take pay cuts of up to 40% in the wake of the credit crunch, according to a union.

Trade union GMB told the BBC that members had reported wage cuts in the region of 30% and 40%.

Martin Smith, senior organiser at the GMB, said: "We're also hearing on the grapevine from a number of our employers up and down the country that they're also feeling the squeeze, and they want to start talking about pay cuts and other ways of saving money."



What do you think? Send us your views

Employment tribunal claims on the rise compared to previous year

The latest Employment Tribunal Statistics have been published this week.

Legislation 13 June 2025

STEM recruiter acquires construction training firm 3B Training

Morson Group has acquired Wigan-based 3B Training to expand its construction skills offering.

Contracts 12 June 2025

Trusted partners will matter more in future, says Carberry at RECLive25

Convincing clients and government that the recruitment industry delivers the value of specialism and specialists is key to making “trusted talent advice and fulfilment more essential”.

People 10 June 2025

Former royal nanny offers training to next generation

Alice Romero Drever (pictured), founder of specialist agency Nanny & Governess, is developing an online academy to train the next generation of VIP nannies.

People 5 June 2025
Top