All articles tagged with #salary cuts
NFL teams have cut over $100 million in salaries for safeties this offseason, with several high-profile players being released to improve salary cap situations. The Broncos, Eagles, Seahawks, and Bills are among the teams that have made significant savings by cutting safeties, with cornerback being the position where the most cost-cutting has occurred in the league.
P&O Cruises and Cunard, both part of the Carnival group, have threatened to fire and rehire over 900 UK-based crew members unless they accept salary cuts and more flexible working arrangements. The affected crew, including officers on the Queen Mary 2, face dismissal in early 2024 if they do not agree to changes that could reduce their annual earnings by up to 20%. The move has drawn criticism from the union for maritime professionals, Nautilus International, and calls for the UK government to outlaw the practice of fire and rehire. This situation echoes a similar employment scandal involving P&O Ferries last year.
As the job market cools, companies are reducing salaries for new hires, with nearly half of employers surveyed saying they are lowering pay for recent job openings. A survey by ZipRecruiter found that 35% of US workers who started a new job in the last quarter took a pay cut. Additionally, signing bonuses were offered less frequently, with only 28% of people receiving them. The average salary for a new hire in August 2023 is $76,774, below the average "reservation wage" that workers said they would accept. The market shift has led to increased competition and reduced salaries for job seekers.