We asked you, dear readers, to tell us how you are preparing yourself for the dark economic days ahead.
A reader who was asked to take a 50 per cent salary cut shares his concerns.
I work with a broking firm headquartered in Mumbai.
In April, my salary was cut by 50%. I was not expecting it.
I live with my mother aged 78 years and my son who is studying in Class 11 who are dependent on me.
Before the lockdown, I lived hand to mouth with the salary I received.
What I earned = what I spent.
I save nothing after paying the maid, cook, electricity bills, telephone bills, society maintenance, travelling expenses, vegetables and groceries.
Now the real struggle is to decide how to cut down expenses. All the above expenses are essential and I may not be to able to reduce any of it.
I am worried about my future.
I am sure many people would find themselves in similar situations.
Gradually, I may take a loan which may help pay the bills till my salary is revised. But it will further empty my pockets.
This may create another bubble that will burst and create a new set of problems for people like me.
I would like to request the authorities to punish all those employers whose balancesheets have not shown negative growth but have been taking advantage of the situation and torturing their employees and staff.
Illustration: Dominic Xavier/Rediff.com
How are you financially preparing for the dark days ahead?