Widespread pay cuts are highly unusual. Business leaders are characterizing the pay cuts as “shared sacrifice,” as Tesla’s head of human resources put it, during a global crisis. But analysts fear these pay cuts could quickly turn into layoffs if the recovery stalls. That includes 9.5 percent that reduced pay for at least one employee, and 22 percent that cut hours. Whether pay cuts like these become permanent could determine the speed of the recovery.

Source: Washington Post July 01, 2020 10:00 UTC