The Great Debate UK

from UK News:

Would you take a pay cut?

A small but growing number of companies are considering asking their workers to take a pay cut as a means of cutting costs without having to fire anyone.

In the latest example, three unions representing steelworkers at Corus have offered to take a 10 percent cut across the company's entire UK workforce of 25,000 for six months in an attempt to save one of the last remaining steel factories in Britain -- the plant at Llanwern in Newport, South Wales.

The steelmaking part of Llanwern was shut in 2001 with 1,300 redundancies but the site still makes steel sheets and employs more than 1,000 people.

India’s Tata Group, which bought the Anglo-Dutch company last year, has said it wants to cut costs by 350 million pounds in both the UK and the Netherlands as it cuts production by 30 percent.