If you were an SE employee, I believe it was stated in the severance agreement that if you receive a material reduction in annual base pay that you would quality for severance. If that is the case I'd take it.
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Received "the call" this morning - another 10% cut. Today's cut + May 2016 10% cut + loss of PTO and pay for company holidays = @ 25% total loss in salary over the last 10 months!
Yup, got my 10% call yesterday, as did several colleagues.
One colleague got pay cut today and was his/her second cut and vendor asked the person not to discuss with manager . That's very odd.
Best to abandon that sinking ship. I left after the 1st round of pay cuts. Best decision ever, that environment is so toxic.
In my opinion, they are just trying to take everything away, slowly, painfully, so that you just leave or quit. Then they don't have to be the bad guy and/or pay severances. It's way easier on them if you just leave.
It is not just contracts the direct hires are also facing 10% cut in income. They cannot do it for a year by law but it is coming.
When an employer starts asking employees for money its usually a bad sign ! You would be dumb to stay in a workforce of this kind , sorry fellow contractors.
Received my call this afternoon