My employer (a healthcare system) is suspending my 401k match until 2021 at least. granted, I’m still getting full pay, my job isn’t at risk and I even got my annual increase and a free blanket this year.
The word is that we’re looking at a $435M revenue loss this year. With a few moves like the 401k, postponing of capital spending, etc. and some sweet sweet congressional suckling It works out to around $100M actual loss. That being said, it’s revenue and not bottom line and we’re not we’ve not over-leveraged as an organization so were still in the black. Still, the fun times of being able to order all the fun gear is swiftly closing and my tuition reimbursement is probably on the chopping block as well.
Could be a LOT worse. i.e. Mayo Clinic is looking at $3B in losses and 42% of its workforce having its hours cut or being furloughed in additional to all physicians having their salaries cut.
The sharp decline in physician pay in the workforce is going to start to show some serious effects. These are the people with income and spending appetites. (not to start a thing about other folks with less money to spend and the fairness of that situation). As much as it sounds like the least “cares to give” problem, the luxury goods and travel sectors are going to get a punch to the groin. It’s also going to serve a blow to the adoption of programs designed to increase charity care and drive costs down by investing in upstream care.
Truthfully, Im super grateful my employer is fiscally responsible and being very strategic about cuts that impact the employees the least.
Now, if you could all break a leg and get boob jobs, that would be great.