Salary cuts

Oh wise boys and girls...

I have a meeting tonight where i am pretty sure the boss man is going to say that unless things improve dramatically quickly he is going to enforce salary reductions.

Where do i/we stand legally? Does he have to give a certain amount of notice? does it have to be for a specific period of time or can it be ongoing until he decides otherwise?

No idea - but can you bargain for stock options or something to make the pill easier to swallow?

my understanding is that both parties have to agree to the change in contract rather than it be enforced. Not 100% on that though.

They'll probably say it's wage cuts or redundancies!

[Scoobs]

Originally Posted by madness

They'll probably say it's wage cuts or redundancies!

We've had both.

At our place we had to agree to and sign a new contract.

[Luckypants]

Originally Posted by Kate Moss

my understanding is that both parties have to agree to the change in contract rather than it be enforced. Not 100% on that though.

IIRC both parties have to agree, but this can be enforced after 6 months if negotiations do not reach a conclusion. Been on the receiving end of that, but not an enforced salary cut.

Hope it goes OK Keith.

Originally Posted by madness

They'll probably say it's wage cuts or redundancies!

this is indeed wholly possible. thats said i suspect it'll be cheaper to cut salaries, there's 10 of us who work here 6 have service of in excess of 8 years, that'll be a big wedge paid out...

[Viney]

Originally Posted by keithd

this is indeed wholly possible. thats said i suspect it'll be cheaper to cut salaries, there's 10 of us who work here 6 have service of in excess of 8 years, that'll be a big wedge paid out...

Not really. If they take the statutory minimum of redundancy which they can, and thats something like £330 per year of service! Sorry, you probably didnt want to know that!

Originally Posted by Viney

Not really. If they take the statutory minimum of redundancy which they can, and thats something like £330 per year of service! Sorry, you probably didnt want to know that!

+1. I 've heard of people with many years of service getting very little unfortunately. I think the big redundancy payouts are more acts of good faith - they legally don't have to give very much.

That said, I hope it all works out well

Originally Posted by Viney

Not really. If they take the statutory minimum of redundancy which they can, and thats something like £330 per year of service! Sorry, you probably didnt want to know that!

no, i didnt but its handy to know! wouldnt want to get aggresive in the meeting and say go on then big pants, make me reduntant...