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Old 21.01.2015, 10:16
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Re: Aftermath of SNB EUR Peg Discontinuation - Would you be happy to take a 20% pay c

Well, I have some actual experience with this - albeit not 20%!

Back in 2001 I was working for a company which manufactured equipment used in semiconductor processing. In June of that year, we got a letter from the higher ups indicating that sr management was taking a 6 month pay reduction, and asked us if we would also comply - they were requesting a 5% reduction. Now, at this point I had only been with the company for 6 months, I was the 2nd income in a DINK couple, so I signed up and took a pay cut. Not sure what would have happened had I said no, I don't remember if there were others who said no - but I was willing to take a short term cut for the long term stability of the company.

The 5% decrease was from July - December 2001. Unfortunately, Sept 11 fell in that time, and sales, etc. were shot to hell.

On the 16th of Jan, 2002, I was on site at a customer in Grenoble, FR when my boss flew in for a meeting and proceeding to fire me (ok, I was laid off) - you see the post 9/11 repercussions were worse than expected.

So, going forward, I don't know if I were the main earner in a family if I would voluntarily take such a big pay cut...

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Since CH has a (very by some standards) low unemployment rate and a good trade surplus, isn't it too too early to predict a catastrophe as many here are doing?

I am trying to figure out which industries will get the biggest hit. Perhaps those who are exporters but also very labor intensive? Watches maybe? Cheese, chocolate?

Am I wrong to say that it won't be a big deal for the pharmas since they have many production plants outside Switzerland and their margins are high?
OH works for a US company whose budgets are calculated in US$. He and his team just got 20% more expensive overnight. And it isn't like they make money in CHF - I don't think very many of their customers are in CH...
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