Friday 19 June 2009

No pay rise this year

My company goes through it's annual performance review/pay rise process every June - putting new pay rates in place for the new financial year starting 1 July. This year the boss sent out an email to all staff saying that although the company was weathering the GFC pretty well and didn't need to lay off any staff, it was facing uncertain times and had to keep a close eye on costs until at least the end of this calendar year. So there would be no "across the board" cost-of-living pay rise, and all managers were instructed that there would be no promotions just to move people to a higher pay grade.

I'm not fussed about the lack of a pay increase this year, as the tax cuts coming into effect on July 1 will boost my take home pay slightly, and the cuts in mortgage interest rates over the past year have reduced our non-discretionary expenses considerably.

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