Are You Losing Income at Work?

One of the issues that many people are contending with right now goes beyond just keeping their jobs in lieu of a raise. Right now, you might find that you are actually losing income at work. While this income loss may come in obvious ways, such as actual pay cuts, reduced hours and forced furloughs, there are some less obvious ways that you might be seeing a reduction in income:

• No more 401(k) match. Many companies are cutting — or get rid of altogether — their 401k match programs. That’s retirement income you aren’t getting any more.
• Insurance premium increase. When you have benefits, the company pays a certain amount of your insurance premium. You may discover that more is missing from your paycheck as your employer shifts a larger percentage of your health insurance costs to you.
• Increased work load. Whenever you do more work more for the same amount of money, you are seeing an effective income drop. With more people gone, you might find that — as a lay off survivor — you are being required to do more. When you combine this with a furlough or cut hours (or even an outright pay cut) you will find a rather dramatic effect.

Times are tough, though, and many folks feel that a reduced income is better than no income at all.

Are you seeing income loss at work?

image source: sxc.hu