Wage Freeze - What It Entails
In difficult financial times like these, there are a number of unfortunate situations that can befall the average worker. Sometimes hours might be cut back. Promotions and raises might be withheld. Sometimes you might lose your job entirely. In other situations, a wage freeze might come into effect. If you're in the process of looking for a condo Toronto for sale, you might wonder how a wage freeze could affect you. This article will give you the lowdown on the situation.
A wage freeze is exactly what it sounds like. A company that has imposed a wage freeze will no longer be handing out raises as long as the wage freeze is in effect - not even the small, government mandated wage increases that allow minimum wage and low income earners to keep up with inflation. What this means for you is that when the price of Ontario real estate goes up, your income will not go up with it, which effectively means you are taking a salary cut compared to others in your industry.
Wage freezes are bad for workers because it means they will have to be very careful with their money. The increasing price of groceries, rent, and services such as dental treatments means that people who are living on the edge of their income carrying capacity will have trouble paying their bills, forcing them to cut corners. An extended period of wage freeze might mean you have to move to a cheaper apartment, sell your car, cancel your cable, or refrain from going on your regular vacation.
While wage freezes sound all bad, there's actually a bright side for the workers who are having their wages frozen. Wage freezes are emergency measures enacted by companies that are in trouble financially, so in almost all cases the alternative to the wage freeze would be layoffs or even the collapse of the company. Most employees would prefer to have their wages frozen if the alternative is that they will no longer be able to work staging homes for sale in Edmonton Alberta.
If your company has imposed a wage freeze on you, there are several things you can do. One is to simply buckle down and wait, hoping that the company will pull through and thins will go back to normal. Another thing you can do is to start looking for other work, whether it's a side income as a home inspector in Halifax or a position with a similar company to the one you work for. This may be the more prudent option as you will be ahead of the flood if the company does go under and suddenly all the employees are looking for jobs.
Do you feel you have been unjustly fired or had your wages cut unfairly?
You can speak to a lawyer to discuss your options and the laws. For Scarfone Hawkins LLP consultations, click here.
You can check out what your workplace rights are and labour laws in Canada at Ministry of Labour.