Salary Cut Letter Template Due To Covid 19

The executive staff has already taken the same pay cut.

Salary cut letter template due to covid 19. Finally mit mylife services is available both in person and virtually to support mit employees facing anxiety related to covid 19. For helpful financial tips and resources relating to the coronavirus covid 19 click here. It may be written for the employee to have more information about his or her income for an entity requesting for an employee s income validation or for a company to know an employee s concern about the salary samples that he or she is receiving. To increase cash flow and limit layoffs the company has decided that salary reductions are necessary at this time.

The group ceo will take a 15 per cent cut in his base salary. And one of the most common ways to reduce costs during said challenging times is for your organization to cut payroll expenses. Many organizations are facing challenges in maintaining financial prosperity with the current economic times. A layoff letter is used when a company needs to terminate an employee for reasons that were not directly caused by their own action or performance.

If you have specific questions on any of the above please send an email to covid hr mit edu. Include the date employee s name reason for the salary reduction and the effective date on your salary cut letter. Reduction in hours for non exempt employee due to covid 19 mra. Covid 19 and the fair labor standards act questions and answers.

Certis group implements pay cuts for senior management salary freeze for leadership team. We are asking to reduce your monthly salary from 4 000 to 3 680 beginning one month from now. A sample salary reduction letter to send to your staff. This sample letter can be used modified to assist employers with communicating a reduction in hours to non exempt employees due to the business impact of the coronavirus covid 19.

To notify employees about upcoming salary changes consider making your own salary reduction letter. You may also want to include a section for the employee to sign to show they understand the reason for the reduction. Further details and resources will be posted in the coming days to mit s covid 19 response website. A salary letter is a document used for transactions that concern the income of an employee.

Reduced payment request letter use this letter to notify a creditor that you are only able to make a reduced payment during a period of financial difficulty. Restructuring economic downturns mergers relocations buyouts and other outside factors are usually the cause.