Employment Status & Income Due to Covid - Poll

[simonsez]

I put increased income while that's not technically true according to the eventual box 1 on my W-2, the end result is more take home pay (while not raising my taxes) not getting gobbled up by work expenses*.  I have a mostly WFH situation normally but am based elsewhere officially and pay for my own flights, hotels, and food while traveling for work (twice a month).  So far 3 work trips have been canceled, saving about 2k in total and would be roughly ~$1300 for each month this goes on.

* I guess my wife isn't buying as much gasoline to drive to work each day but that's more than an order of magnitude less expensive and if that was me, I wouldn't count that as an increase in income.

[mm1970]

I really don't give a fuck about my job, or future employment prospects right now.
I only care that I don't lose the people I love right now.

Hubby and sister were talking yesterday.  Their mom is in her 70s.  She's fine at home, has a full pantry, but was still shopping weekly!!  So sister is now doing her mom's grocery shopping.

They agreed that if mom's boyfriend "takes her out" he's going to be in a world of hurt.  He's an extrovert, and at the beginning of all this, was talking about visiting his friends (they live together, he's in his 80s).  "NO, you CAN'T".  "But what about church??"  NO.  So he went to church, and nobody was there, because they had shut it down.

He's finally (3 weeks later) taking it seriously because...one of his friends died from COVID-19.

FIL lives in FL and isn't really isolating either, though I guess the golf courses are taking more precautions.

[KathrinS]

I'm full-time self employed, about 50% less income than usual. Being a Mustachian, that's more than enough to survive on and I'm expecting it to steadily increase as people get more and more bored in lockdown (I'm a - now online - freelance teacher). I've actually found it really nice not to have completely full days and it's allowed me to work on some other projects.

[Zoot]

Our household kind of exists in two worlds:  one, I work for a company that makes medical devices, DH is a high school teacher; two, we both have side hustles in church music as hourly employees.

Our main gigs have been and will likely continue to be fine, sort of; DH has lost some income usually generated from school activities, my company clawed back merit increases that were to have gone into effect in April.  But otherwise we seem to be fine.

Our side gigs, however, have been decimated.  No church services = no playing = no billable hours.  Our household take-home income has dropped about 20% as a result.

We're still fully funding our retirement vehicles, and are fine living on the main gig income, but the non-retirement-account saving we were doing based on the side gigs has been put on hold.

We're hoping that the church stuff will get back to normal once the shelter in place orders have ended, but who knows--we have lots of friends and acquaintances in that field, some of whom do this as their full-time gig (unlike our very part-time status), and I have heard lots of stories of layoffs that may end up being permanent. 


(edit for syntax)

[GuitarStv]

I'd like to change my vote as things have modified for the worse at my and my wife's work.

[Dave1442397]

I'm busier than ever, mostly because there are a lot of code changes required due to the CARE act. I worked from home 95% of the time before the virus, so no big change there.

My car left the garage for the first time this month to go grocery shopping yesterday. I've put 1129 miles on my bicycle this year, and 643 miles on my car.

My wife was told that she and her staff have to take 8 hours PTO every two weeks, so not too bad.

[ghsebldr]

Self employed manufacturing greenhouses. Looks like we're going to run out of materials before we run out of customers.

 Waiting on a truckload of 48 bundles of pipe that usually lasts a couple if months. Our last truckload lasted 3 weeks, we got that one in mid March.   Lots of folks putting up the smaller backyard greenhouses like 10x20 or 12x30. They want to try to stretch the season for their home grown veggies.

 Of course the marijuana growers aren't even aware there's a virus. They are buying multiples of the 24x48s and 26x96s like every other year.

[Joeko]

IT contractor,  all contractors let go 2 weeks on my project.  Preparing to be out of work for the next 3-6 months

[jaysee]

At this point, no change.

Same job, same work, same hours, same team.

Oh - but now I get to work remotely, which is awesome!

I can relocate to a much lower cost-of-living part of Australia.

Not sure about the long-term profitability of my employer, but for the time being, they say they're doing well and aren't planning to drop anyone.

[rantk81]

Aaaaand just today my employer announced that they are suspending the 401k match until further notice.  Sooo, let's tally up the compensation cuts:
- 3% annual raise is no longer happening
- 20% pay cut (they say is temporary)
- 3.5% 401k match is gone "until further notice"

Sooooo.... a 26.5% reduction in compensation.

Probably another "cool" side-effect of that -- I think --
The plan is probably going to no longer be a "Safe Harbor" 401k plan -- so maybe the exemption from the "HCE Test" will go away too. Another "nice" surprise for later maybe...

[frugalnacho]

Aaaaand just today my employer announced that they are suspending the 401k match until further notice.  Sooo, let's tally up the compensation cuts:
- 3% annual raise is no longer happening
- 20% pay cut (they say is temporary)
- 3.5% 401k match is gone "until further notice"

Sooooo.... a 26.5% reduction in compensation.

Probably another "cool" side-effect of that -- I think --
The plan is probably going to no longer be a "Safe Harbor" 401k plan -- so maybe the exemption from the "HCE Test" will go away too. Another "nice" surprise for later maybe...

Wouldn't that only affect the HCE which by definition are still earning $130k+ after applying the pay cuts?  If so your relative financial situation might not be as good as it was previously, but your absolute position would still be very good considering the position most people are in.   

[rantk81]

Aaaaand just today my employer announced that they are suspending the 401k match until further notice.  Sooo, let's tally up the compensation cuts:
- 3% annual raise is no longer happening
- 20% pay cut (they say is temporary)
- 3.5% 401k match is gone "until further notice"

Sooooo.... a 26.5% reduction in compensation.

Probably another "cool" side-effect of that -- I think --
The plan is probably going to no longer be a "Safe Harbor" 401k plan -- so maybe the exemption from the "HCE Test" will go away too. Another "nice" surprise for later maybe...

Wouldn't that only affect the HCE which by definition are still earning $130k+ after applying the pay cuts?  If so your relative financial situation might not be as good as it was previously, but your absolute position would still be very good considering the position most people are in.

Yep, you are correct. Although I'm not sure where the "cut-off" is... but if [-- and that's a BIG "IF" --] I continue to remain employed at this rate through the end of the year, I'll probably be somewhere in the neighborhood of the "cut-off." 

[mm1970]

Aaaaand just today my employer announced that they are suspending the 401k match until further notice.  Sooo, let's tally up the compensation cuts:
- 3% annual raise is no longer happening
- 20% pay cut (they say is temporary)
- 3.5% 401k match is gone "until further notice"

Sooooo.... a 26.5% reduction in compensation.

Probably another "cool" side-effect of that -- I think --
The plan is probably going to no longer be a "Safe Harbor" 401k plan -- so maybe the exemption from the "HCE Test" will go away too. Another "nice" surprise for later maybe...

Wouldn't that only affect the HCE which by definition are still earning $130k+ after applying the pay cuts?  If so your relative financial situation might not be as good as it was previously, but your absolute position would still be very good considering the position most people are in.

Yep, you are correct. Although I'm not sure where the "cut-off" is... but if [-- and that's a BIG "IF" --] I continue to remain employed at this rate through the end of the year, I'll probably be somewhere in the neighborhood of the "cut-off."

Cutoff is $125k.  As me how I know. 

So close...and yet so far.

[Steeze]

Just got notified that annual raise (in April) is off the table and we are getting a 20% salary reduction and going to 4 day week. Guessing the annual bonus is off the able as well. Assuming the pay reduction lasts 3 months and the year-end bonus is close to nothing, that will be a 35% wage reduction vs. expected.

[Morning Glory]

I put no change too soon. Today I found out they are temporarily taking away my 2% 403b match and they didn't say when exactly that would take effect. They are talking about furloughs if this goes on a long time but I'm not too worried about that.
 My main concern is that they will start requiring N95 and I don't tolerate it very well so I won't be able to do my job (I'm ok for 5-10 minutes but not prolonged periods of time).

[frugalnacho]

Y'all can remove your vote and revote to update the poll if your situation changes.

[Tom Bri]

Nurse working the covid rule-out floor and ICU. No change for me. Not even much change in my lifestyle since I mostly stay home and do my hobbies and my on-line education when I am not working. I have not seen my dad in a week, and that was just a quick visit, outdoors with me standing downwind 10 feet away. Usually I am there several times a week. He's 90.

Really sorry to hear of all the job and business loses people mentioned above. I have lost jobs in the past, and closed a business, and beyond just the financial aspects, those things hurt. Best wishes, all.

[exit2019]

No change, but I'm in tech and IMHO it is very, very early yet. 

Many companies, including mine, are announcing that they won't do layoffs for the next few months.  My reaction to that, having been a manager and otherwise engaged in the management side of things for a decade+ is that most of the big companies announcing that spend 45+ days preparing a layoff regardless, they aren't even able to execute a fast layoff. I know for a fact that a company I know well is in the first phase of planning several different scenarios (small, medium, large, xtra-large) while talking publicly about how they aren't going to lay people off and there's no way they could get it done any faster.

I expect we'll see a lot of "it's worse than we expected" layoffs come mid/late summer or fall.

Today was actually supposed to be my last day but the market has me spooked.  I'll be sticking it out until it's a little bit more clear if this is a blip, recession or total disaster.

[lost_in_the_endless_aisle]

Layoffs and furloughs where I work. Other than that, salaried employees taking a salary reduction of 20% (VPs), 12-15% (Directors), 10% (manager/sr. manager level), and 7% (non-managers). 4% 401(k) match also gone for everyone. Reductions are indefinite but "hopefully" last no more than 3 months. For me, net impact of 14% pay reduction. I hate some aspects of WFH but maybe it's worth it on balance.

[FlytilFIRE]

I marked reduced salary, but I basically retired. I work for an airline, and they offered a reduced salary until my mandatory age 65 retirement. Approximately a 45% pay cut, but I never have to go to work again!

My concern however, is that, in a bankruptcy, the company might throw me under the bus, and stop the payments. That would severely suck, since I've had several major hits with this industry already.Oh, well, at least my blood pressure will stay lower as the company and my Union duke it out. Guess who always wins, and it ain't me?!!!

[GuitarStv]

Just got notified that annual raise (in April) is off the table and we are getting a 20% salary reduction and going to 4 day week. Guessing the annual bonus is off the able as well. Assuming the pay reduction lasts 3 months and the year-end bonus is close to nothing, that will be a 35% wage reduction vs. expected.

At least your salary reduction comes with reduced hours.  We're just getting the salary reduction.  Same hours.

[Hula Hoop]

I'm still employed and working FT from home but my husband has closed his business and is now unemployed.  He works in the tourism sector here in Italy so it's not looking good.

Anyway there wasn't a box for employed but spouse lost his/her job.

[desk_jockey]

My company is requiring everyone to take 2 weeks off unpaid leave in Q2.    As we’re living about ½ my take-home pay and had been approaching FI prior to the market drop, I welcome the downtime.  Our corporate Sr Management is leading by example and have taken larger reductions but without time off, so most everyone in the company understands. The required unpaid leave was announced just before the 2019 performance bonus was paid, so people had a chance to prepare.   

I expect a similar unpaid leave requirement for Q3.  By early Q4 layoffs will probably start.  My industry will likely be among the later ones to recover, so we have some pain ahead of us.   

[Steeze]

Just got notified that annual raise (in April) is off the table and we are getting a 20% salary reduction and going to 4 day week. Guessing the annual bonus is off the able as well. Assuming the pay reduction lasts 3 months and the year-end bonus is close to nothing, that will be a 35% wage reduction vs. expected.

At least your salary reduction comes with reduced hours.  We're just getting the salary reduction.  Same hours.

Yeah that is the bright side for sure - the other side of it is that we are running out of work and literally cannot keep people busy. By Wednesday this week all of the people I manage will be out of billable work, and maybe 1/3 of them are reliable/capable enough to work on company development projects to stay busy.

[frugalnacho]

We just got notice that all OT is prohibited for any reason effective immediately.  This doesn't affect me personally as I am salaried, but it's going to affect a lot of hourly workers here.

[Ynari]

As a teacher, we're... semi-furloughed? With pay and work? We're trying distance learning, but it's not at all like someone who can just work "remotely".

[GuitarStv]

As a teacher, we're... semi-furloughed? With pay and work? We're trying distance learning, but it's not at all like someone who can just work "remotely".

We've been doing a really half assed distance learning thing with our elementary schools here in Ontario (started last week).  Basically, the teacher emails us some worksheets that we print out and then try to explain/teach to our son between meetings while we're working from home.  None of the teachers I know are particularly computer literate, so our worksheets are actually black and white camera pictures of pages from a workbook.  Ugh.  Really hoping that something better gets worked out in the future.

[Master of None]

Updated my Vote: Just got word this week that I'm getting a 5% salary reduction and removal of the 5% 401k match for the remainder of the year. More upset with the removal of the 401k match than the salary reduction.

[thesis]

No change (yet?). Feeling pretty grateful these days, seeing what so many others are going through....

[Steeze]

This whole thing just makes me want FU money even more. I’m ready to get out of here and go live The Good Life like Scott and Helen Nearing. I hate being at the mercy of someone else’s decisions.

Very grateful to have a job still, but feeling even more strongly that getting out of the rat race ASAP is a top priority.

[SwordGuy]

This whole thing just makes me want FU money even more. I’m ready to get out of here and go live The Good Life like Scott and Helen Nearing. I hate being at the mercy of someone else’s decisions.

Very grateful to have a job still, but feeling even more strongly that getting out of the rat race ASAP is a top priority.

We FIRED two years ago and since this mess started, I've never been so happy we had already done so.

[Pizzabrewer]

Lost my job at the beginning of March with a scant 2 weeks’ severance pay. Then 3 weeks later the entire company went out of business (about 400 locations) so in hindsight it turns out I was lucky to get any severance.

I filed for unemployment and there were a few nail-biting weeks where my claim was in limbo. But I just got approved for $1100/wk including the $600 fed boost.

[BussoV6]

I've always been WFH, but I got lumped with a lot of extra work when my boss was moved to replace a CV victim. I got a raise.

[thesis]

This whole thing just makes me want FU money even more. I’m ready to get out of here and go live The Good Life like Scott and Helen Nearing. I hate being at the mercy of someone else’s decisions.

Very grateful to have a job still, but feeling even more strongly that getting out of the rat race ASAP is a top priority.

Exactly. It's a stark reminder how fragile employment can be.

[Dogastrophe]

Both my wife and I are still working regular hours. 

I was hit with a (temporary?) 10% salary roll back last week along with rest of the ppl classed as senior managers (VPs and CEO rolled back slightly higher %). We have laid off a few hundred people across the country (some regions were hit particularly hard). 

We have enough FU $$ avail to keep us going for a year or so if we were to both lose our jobs.  It would push our retirement plans out a few years but wouldn't leave us in financial trouble.

[rantk81]

Gotta change my vote. Instead of a pay cut, it's now a furlough!  That 401k HCE thing is probably not an issue anymore. LOL

[Abe]

My wife was furloughed, and now my new job start date may be delayed a few months. At least it’s not rescinded! We do have 5+ years of savings so it’s more of a nuisance than anything. Time to reconnect and all that!

[ditheca]

Aviation industry. I lost $10k in benefits almost immediately after the pandemic started. Today a quarter of my department was laid off. There's a meeting tomorrow where I'll find out how much of the company got the axe.

[Ynari]

As a teacher, we're... semi-furloughed? With pay and work? We're trying distance learning, but it's not at all like someone who can just work "remotely".

We've been doing a really half assed distance learning thing with our elementary schools here in Ontario (started last week).  Basically, the teacher emails us some worksheets that we print out and then try to explain/teach to our son between meetings while we're working from home.  None of the teachers I know are particularly computer literate, so our worksheets are actually black and white camera pictures of pages from a workbook.  Ugh.  Really hoping that something better gets worked out in the future.

All of our online systems went down because nobody anticipated high schoolers would find ways to be rude and disruptive even with all of the video/mic features turned off, and so now the entire system is intermittently down this week as they increase security measures.

Almost makes me appreciate the paper worksheets and such. I'm a "tech native" and my colleagues made fun of me for getting excited about new online resources, but the ones we have access to were not vetted/purchased with remote learning in mind. Especially because we've been told all along that we must use one specific Learning Management System. It's a mess. (I've also only "seen" or heard from about 25% of my students. Granted, the systems are down, so maybe I'll hear from more later, but...)

[KBCB]

I am furloughed.