Is it getting cold in here?

According to an article posted on Fox News, about a quarter of all companies in the world are planning a pay freeze for the next year, in order to cope with the financial crisis. So, roughly a quarter of workers globally will see no raises this year. However, on the plus side, that means 75% of companies WILL be giving out raises (trying to find the silver lining here). Granted, those raises will average out to roughly 4.7%, which is down from 6.2% in 2008.

Hopefully what the pay freezes will do, however, is keep more people overall employed. And the more people that are employed, the shorter the recession will be (hopefully?).

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