Pay freeze looms for millions

Posted: March 5th, 2009 by Militant Libertarian

MILLIONS of private-sector workers face a pay freeze or cuts because of the economic crisis, while employees in the public sector are enjoying pay rises.

With the economy plunging deeper into recession, and inflation likely to drop below 0% into deflation, the CBI has warned that the “overwhelming majority” of its members will freeze wages this year.

Tens of thousands of other private-sector workers are also likely to see their earnings slashed. Several professional firms have reduced salaries by 20% by putting employees on a four-day week.

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