On Sunday, we received a company wide memo stating that, effective Monday, we were to receive a 10% pay decrease to help with impacts due to COVID-19 outbreak. This impacts everyone from our field workers to the executive team, and additional layoffs were done for nonessential personnel.
Now, due to the stimulus package, the people who were laid off will be OK (and I was so relieved to find out they’ll be taken care of). However, the rest of the company is now making 10% less with no commitment from management to a) restore the 10% reduction once this situation has passed b) offer a bonus payment if all jobs continue successfully over the course of this outbreak. For me, this is a loss of approximately $320 a month, dropping take home from about $2700 to $2500 a month (and all my bills usually come to about $2200 for EVERYTHING).
I do have an emergency fund setup for events like this, but it’s not enough to cover an unexpected decrease in pay. I am in Colorado, and the costs are pretty high. I do not have a partner to help split bills, and I’ve already taken necessary steps to reduce bills – Turning off heat during the day, cut all unnecessary subscription or payments, deferred car loan for 3 months, contacted credit card companies and redid the budget to account for these changes. I am also looking into part time work for weekends/evenings to supplement my income and am looking for full time work as I know this cut is not sustainable long-term. We were allowed to opt into part time work and apply for unemployment to assist us as our hours were cut, but that could be detrimental long term if things change or get worse. HR currently is “working through stuff” and is not responding to our requests for our employment contracts.
We are in Colorado, an at-will employment state, and just received our lock down notice night of 3/25. Besides doing what I’ve done, or considering leaving that company, is there anything else that can help? I am fortunate to have a job, and the stimulus package will help too, but I’m worried about the long-term situation.
tl;dr – Company unexpectedly cut pay to all employees by 10% with no backup plan – What additional steps can be done to make it through this?