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Would you take a pay cut to safeguard your employment?

This is a question which many people in the UK are being forced to consider as more and more businesses are starved of cash from the banking system and need to reduce their costs immediately. As we covered in one of our earlier articles, it is believed that 2 million employees in the UK have either agreed to a pay cut or reduced hours in order to safeguard their employment in the short term at least. So would you take a pay cut to safeguard your job?

The truth for many people is a choice between taking a pay cut or literally losing their job - it really is as simple as that. While business leaders may well be taking a lot of flak in the press it is worth remembering that these businesses are being starved of liquidity and essential capital in the most difficult of times. We are all aware that the banking sector, bailed out by taxpayers to the tune of hundreds of billions of pounds, is yet to repay back any of this investment in terms of increased liquidity or even an increase in the value of share investments, such as those held in Lloyds bank and Royal Bank of Scotland. Times are tough and times will remain tough for UK consumers, businesses and employees for the foreseeable future!

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