Live Q&A: Should I take a pay cut?


Millions of UK workers been asked to take a pay cut since the start of the Covid-19 pandemic as companies battle to stay in business — but if you are asked to do so, what are your rights?

Across the City, executives have pre-emptively taken the axe to their pay packets to show solidarity with staff and shareholders.

About 4m workers are being supported by state-backed furlough schemes, which cover 80 per cent of income up to a maximum of £2,500 per month.

Live Q&A

Claer Barrett, the FT’s personal finance editor, and Lindsay Cook, the FT’s Money Mentor columnist, will take questions from readers facing pay cut dilemmas. Claer and Lindsay will be online between 12-1pm and 5-6pm UK time on Wednesday April 29. To leave a question, please comment below this story

Many more professionals are being asked to consider cuts to pay or pensions, work reduced hours or even take a sabbatical to help companies manage their way out of the crisis.

Although workers have to agree such measures, firms are being explicit with staff — if savings cannot be made, redundancies will follow. Yet the prospect of a pay cut will be extremely hard for some groups of employees to bear, and many will want to try and negotiate with employers to lessen the impact.

Claer Barrett, the FT’s personal finance editor, and Lindsay Cook, the FT’s Money Mentor columnist, will be online to take questions from readers who find themselves in this situation between 12-1pm and 5-6pm UK time on Wednesday April 29.

To leave a question, please comment below.



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