Pay Reduced For 1/3 Of US Workers

ByTMN Editor Reading Time: 1 minute

With the Covid pandemic stretching into its 10th month in the United States, more than a third of full-time America workers report having their pay cut, according to a survey released Monday.

The survey of 1,000 workers by MagnifyMoney found:

  • 34 percent of full-time workers had their pay cut, with 52 percent of men and 44 percent saying pay levels had been restored.
  • 54 percent of workers received a pay raise in the past year, down from 59 percent in last year’s survey.
  • 39 percent of Americans expect to get a raise next year, down from 47 percent in last year’s survey.

The survey also found that 38 percent of millennials had their pay cut – the most of any generation.

“It’s definitely encouraging to hear that millennials are likely to have their pay restored after a pay cut, as a lengthy cut in pay can cripple one of the more financially vulnerable generations,” said Sarah Berger, MagnifyMoney’s millennial finance columnist. 

“Many millennials are struggling with crushing student loan debt and a weak job market at a time when many are also likely considering making serious financial decisions, such as buying a home, getting married and having children. It’s essential for millennials and other young generations to be on solid financial footing before they make these big purchases.”