How To Survive A Salary Cut Or Job Loss

With the whole nation under lockdown for almost two-and-a-half months now, the wheels of the economy have been forced to a stand still, so much so that a recession is the most likely outcome. In such a scenario, many organisations have decided to take some drastic steps to reduce their operational costs, including salary cuts for their employees, and even lay-offs in certain cases. The travel and leisure industry and the media industry are the worst hit while no sector has been left untouched by this crisis. While some surveys predict two in five employees facing salary cuts, others indicate at one-fourth of corporates already announcing pay cuts while many others actively considering such a step.  For those who now have reduced income due to pay cuts, while the same level of liabilities, the big question is of survival. With their financial planning turned upside down due to this...