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Thursday, October 15, 2009

Global Recession: Work full time job but half the pay

It's been more than a year since I resigned from my last job, and I don't have a full time job now. However, I am trying different ways to make money. Actually, I accepted the the Early Retirement program offered by the company after serving them for almost 7 years as a manufacturing supervisor. At first, I was hesitant since I may not be able to look for a new job at once and it came true.

Nevertheless, I think I made a smart decision since I learned lately that the company is now under a new management. Unfortunately, most of those who were absorbed are now receiving a minimum wage only, and they are under an agency which means they have less benefits. Managers and supervisors were demoted, and most of them declined the offer. Majority of workers were not even called for an interview.

Well, I think the global recession is still here to stay. Recently, New York Times featured a story about an airline Captain who still work full time job but getting half his salary pay. Here is a short summary.

Bryan Lawlor who works at ExpressJet Airlines was promoted from first officer to captain last July 2007 who had an annual salary pay of $68,000, with the big chance of reaching $100,000. But with the fall of airline travel, he was among those 130 captains who had been demoted back to first officer. Eventually, his salary pay went down to $68,000 which is only 50% or half the pay.

To read the full story, you can visit the article by Louis Uchitelle at New York Times.

Let us hope that we will not be hearing similar stories again.

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