The four-day work week has been a popular option for employers looking to save money without losing employees, and some companies have started slashing hours even more, going as low as 24-hours per week. A three-day work week means part-time pay, making it harder for many workers to make ends meet.
The difference in maintaining health benefits at some companies is a mere eight hours — a 32-hour week could mean continued coverage, while a 24-hour week could mean you're out of luck. New York employers cutting hours may have more incentive to keep health benefits in tact. A state program allows employees to collect unemployment benefits to help cover the difference resulting from reduced salaries, but their employers must not have cut benefits in order for them to qualify for the program.
Some workers are embracing the three-day work week, particularly if they have kids at home, but others struggle with the financial hardship it causes and are having trouble adjusting to a choppy schedule. I would definitely need to find additional work if my salary were slashed by 40 percent. How would you handle a huge pay cut?