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Mandatory Pay Cuts

As the title suggests, the mortgage company I am working for has forced mandatory pay cuts of 10% throughout the company until the 1st quarter of 2023. They have said this is to prevent anymore layoffs within the company. The CEO says this is due to the current mortgage industry and housing markets. They are also claiming that all employees including hourly, salary, and managerial staff will be taking the pay cut. I’m currently making $16.50/hr and have been struggling even more to pay my rent and other bills on time and in full. I guess my question and the reason I am making this post is because I’m wondering if this is common practice? Has anyone else heard of this happening at their company or another?


As the title suggests, the mortgage company I am working for has forced mandatory pay cuts of 10% throughout the company until the 1st quarter of 2023. They have said this is to prevent anymore layoffs within the company.

The CEO says this is due to the current mortgage industry and housing markets. They are also claiming that all employees including hourly, salary, and managerial staff will be taking the pay cut.

I’m currently making $16.50/hr and have been struggling even more to pay my rent and other bills on time and in full. I guess my question and the reason I am making this post is because I’m wondering if this is common practice? Has anyone else heard of this happening at their company or another?

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