1 in 3 workers had their pay cut during the pandemic

Tuesday, December 8, 2020
By Jennifer Liu,

Roughly 1 in 3 full-time workers have experienced a pay cut due to the coronavirus pandemic this year, according to a recent MagnifyMoney survey of 984 professionals surveyed Nov. 6 to 11.

The economic upheaval of the pandemic starting in March caused many U.S. employers to institute temporary pay cuts in the spring. In the months since, about half of respondents said their pay has been restored.

However, while men and women experienced pandemic pay cuts at nearly equal rates, men, at 52%, were more likely than women, 44%, to say their pay has been restored.

Such findings are yet another example of how women and their career decisions have been impacted during the health and economic crisis, and how a history of being underpaid in the workforce could exacerbate the problem moving forward.

Read the full story from CNBC

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