Reduced salary for the same amount of work: The annual raise or cost-of-living adjustment expected in years past has a good chance of evaporating. In addition, you and your coworkers may face the decision of taking a cut in pay to save jobs or let some workers go. Choosing a pay decrease doesn't guarantee that layoffs still won't happen. Also, it's unlikely you'll ever get your pay increase back.

Reduction in incentives such as bonuses: Many people have counted on bonuses to make financial ends meet. No longer being able to count on them can require a major budget overhaul.

Reduction in training: This can mean travel to seminars, conferences and other meetings where employees can network and bring back valuable information for the team. Some companies also offer to pay for or subsidize college tuition.
Jeffrey Strain has been a freelance personal finance writer for the past 10 years helping people save money and get their finances in order. He currently owns and runs SavingAdvice.com.

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