Took a pay cut now at risk of redundancy

Beatle_Ray

Hi There,

I would be grateful of some guidance please. Between October 2010 and March 2012 myself and other members of the company took a 15% pay cut to ensure the company survived after a bad debt which it did, this pay cut i estimate cost me just under £8K of lost income, this has never been repaid, now three years on it looks as though the company is going to be sold and the two owners walk away with approx £275,000 each, have seen an email where one of the owners said we should pay the staff a loyalty bonus for moving companies but the other one said no and added that if we didnt like the move we could resign, how do i stand legally or morally, when the sale goes through should i ask for the lost income to be repaid and do i stand any chance, appreciate your replies

Thanks

getmore4less

What were the terms of the pay cut?

Unless there was a payback clause there will be no debt you can chase.

Beatle_Ray

No, i just re read the email that was offically given at the time of the pay cut and there is no suggestion of a pay back clause, i just feel a little cheated that's all,

JJG

I'm confused about why you expect to be paid the money you agreed to forgo, to ensure that your job was safe?

asajj

You kept your jobs in return which did add to your redundancy package and also saved you to hassle to find another job. Owners put money into business thus take more risks comparing to employees. In return, they get a higher return.

tgon

Move on Ray, its not worth beating yourself up for. The dismal end of a once profitable business rarely leaves positive thoughts and feelings. Good luck with your future.

C_Mababejive

Forget it. Its lost money. If you think you can build on your future employment with the new owners (do you transfer with the business?) then fine,if not,move on.

Takeaway_Addict

asajj wrote: »

You kept your jobs in return which did add to your redundancy package and also saved you to hassle to find another job. Owners put money into business thus take more risks comparing to employees. In return, they get a higher return.

This is the main point really.