In the meantime, he has taken a 40% wage cut and currently remains in his post.
The expectation is that a further wage cut lies ahead - of up to 30%.
The pilots' union has already agreed with Northwest on a 15% wage cut.
The 24-year-old spent most of the season on loan to Hearts after agreeing a wage cut to join the club he supported as a boy.
In contrast, if prices are falling by 2 percent, then the same 2 percent real wage cut translates to a nominal wage cut of 4 percent.
Delphi Chief Executive Officer Steve Miller has both GM and the UAW over a barrel, after putting Delphi into bankruptcy last October and demanding a 60% wage cut from the union.
It is understood that Gallas has agreed to take a wage cut to join Spurs after rejecting an offer from Arsenal over the summer that amounted to a pay cut and shortened deal.
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Italy's top players might not be happy either at another suggestion for helping their employers - a wage cut to reduce a pay bill that last season gobbled up 85% of the clubs' budgets.
Avoiding social-security charges, which often drive a chunky wedge between take-home pay and employers' wage bills, can both cut labour costs and thicken wage packets.
It says it needs to cut its wage bill by 21% to stay out of bankruptcy.
O'Leary took over as Villa boss last summer and was told to cut the wage bill in half.
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And since it is hard to cut nominal wage rates, price stability could put a floor beneath real wages.
Inter may have won the Champions League in 2010, but offloaded star striker Samuel Eto'o to Russian big spenders Anzhi Makhachkala in an attempt to cut their wage bill.
The revenue raised is to be used to cut surging non-wage labour costs.
There will be a 20% cut in the minimum wage but annual bonus holiday payments in the private sector may escape.
Aiming to reduce the budget deficit, which at 14.3% of GDP is the highest in the EU, to 3% by 2014, Mr Cowen's government has imposed public-sector wage cuts, raised taxes and cut spending.
In the Senate early in the morning, late at night, Ted Kennedy fought and cut deals for minimum wage increases, health care, education, immigration reform, and help for the poor, the elderly and the sick.
The latest round of belt tightening, which amounts to roughly 7% of Greek GDP over three years, includes layoffs of as many as 15, 000 state employees, a 22% cut in the minimum wage and pension reductions.
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Along with voluntary redundancies, this should cut the firm's wage bill by roughly 15%.
The final bill removed a cap on how much high-wage workers could benefit from the tax cut.
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Wages were thus deliberately repressed: there were some real wage cuts but the majority of that cut in unit labour costs came from the normal ongoing rise in productivity.
American automakers have cut costs by outsourcing high-wage union jobs to parts suppliers as unionized workers retire.
"The working classes who were asked to cut back or to take a wage freeze now want their old salaries back, " says Wong.
Instead of creating jobs, in-work benefits combined with a minimum wage would merely give firms an incentive to cut pay to the minimum.
Even the minority of the workforce who benefit from an increase in the minimum wage are thus likely to suffer a painful cut in purchasing power.
Deputy leader Adrian Ramsay said the Greens would cut fuel bills, expand the living wage and protect public services from government cuts.
But paying in-work benefits also creates an incentive for firms to cut wages, as the state's wage top-up will ensure their workers are no worse off.
And if you're a small business that's willing to make the investment in hiring a new worker or expanding your wage base, you'll benefit from the tax cut that the President is pushing Congress to pass this week.
In some cases it started off as a form of wage restraint in the dark days of the 1990s: companies cut basic wages and employees hoped that performance-related pay might make up the difference, which it did not always do.
Clearly, as Mr McCartney says, a minimum wage would limit the ability of employers to do this, and cut the bill for in-work benefits.
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