The economic crisis is weighting on my company... finally

@faisai (1140)
Hong Kong
June 8, 2009 10:35am CST
I am kind of unaffected since the start of the crisis as I still get a salary increase in the latest review a few months back. But then, my company now decides to do something with the money spent on us. I used to "enjoy" overtime compensation in the past. If I have to overtime during weekdays, I am given 1.5x of my normal hourly wages. I can claim up to a maximum of 25 hours and that is quite some money considering we always have so much work that we just have to do that off the normal office hour. Now, as cutting cost is the trend now, my company decides to cancel this policy meaning we have to overtime without any compensation at all. In fact, that is not worrying me the most, what I am truly worried is that it is only the first step of cost cutting action.
1 person likes this
1 response
@kykidd (6819)
• United States
8 Jun 09
That seems highly unusual. You must not live in the United States. Here we have labor laws that would prevent you from being able to work overtime without receiving overtime pay. There are some people that are considered salary, but there is some type of laws about their hours as well. Even though most companies don't pay that much attention to the hours of salaried employees. They just receive one lump sum, no matter how many hours they work for that week. I think some people take advantage of that more than the company takes advantage of them. All people are different though. I am sorry to hear about this change in your overtime status. If the crisis is just now hitting your company, maybe it will be one of the first to get out of the economic crisis as well. My company was one of the first to be effected, as I lost my job in 2007. I am hoping to find another one sometime soon. I have an interview today, and another lead that I have been emailing about a job. Keep your fingers crossed for me and Good luck to you!
• United States
8 Jun 09
If this is happening in the US it is illegal, unless you signed another contract. If they have that much overtime they should seriously think about hiring more people even if part time lots of people are having a hard time finding work and could use the money. They would save lots of money this way. Paying no more overtime but creating new jobs.