Wednesday, August 05, 2009
After layoffs, many people never get back to former earnings
Michael Luo has a story in the Tuesday Aug. 4, 2009 New York Times, “Years after layoffs, many still struggle to match old salaries,” link here.
The story gives numerous anecdotes of people way behind their previous earnings years after a layoff.
I had a layoff after a year on my first job in February 1971, and took a slight cut when I went to the government. But by 1972 I had surpassed the salary when I went to Univac. In 1981, I took a cut when I left a job where I believed a project would be shut down (it was). But by 1984 I had surpassed the old level. But in December 2001, at age 58, I took retirement with a layoff. For a variety of reasons (discussed elsewhere on the blogs), I worked mostly in interim jobs at much lower income and would like to reinvent myself in solving problems in the law v. technology area (sort of Lawrence Lessig’s idea that “Code is law”).