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Tech services biz Allvotec furloughing staff, asking remainder – including top brass – to take pay cut


Voluntary pay cuts are unlikely to work; A corollary to Parkinson's law is that expenditure expands to take all the money available, so few could "afford" to volunteer, and they'll resent those who "can't".

Employment law prohibits reducing a workers salary (citation needed?), but that could be temporarily rescinded by Parliament if there are appropriate safeguards and transparency, e.g. Directors are hit first and hardest. The decision makers (MPs and Directors) need to be seen to be leading the way on this.

And let's not forget shareholders - Ownership comes with some responsibilities, not just benefits. I own some shares though unit trusts (pension plans etc.) and I fully expect those shares value to be diluted if the companies need extra funding. Again, as long as it's transparent. No one should be getting rich though this crisis.

I'm also mentally prepared for taxes to rise, to cover welfare and economic costs.

TL;DR: I'm never going to be able to afford to retire.

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