Asked to take a rate cut during contract

[Acme Thunderer]

My current client asked all contractors to take a voluntary 10% rate cut. I had got wind of it from my manager (I'm operating inside IR35 so I can call him that), then got an email a couple of days later pointing me to Survey Monkey. The question was quite simply would I be willing to accept a 10% pay cut. I clicked no and I haven't heard anything since.

[6128k]

Current client applied a rate cut starting this month.

I didn't counter because my contract ends in September and it wasn't a big cut.

If there is an extension on offer I fully expect there to be further cuts.

I know quite a few excellent contractor's who have had to take rate cuts. Up to you to decide whether you feel confident enough to find something else in the current climate.

[GhostofTarbera]

My current client asked all contractors to take a voluntary 10% rate cut. I had got wind of it from my manager (I'm operating inside IR35 so I can call him that), then got an email a couple of days later pointing me to Survey Monkey. The question was quite simply would I be willing to accept a 10% pay cut. I clicked no and I haven't heard anything since.

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[TheDogsNads]

Short answer is yes, they cannot only ask but implement a rate cut.

Ive been presented with a rate cut option twice. Once I told them to stick it and had trouble finding work for an enforced period as the market tanked not long after I left.

2nd time I swallowed it, took the money but didnt do any extra hours. Stayed for another 9 months as the market was quiet then left and got a role at a significantly higher rate.

Gorses for courses.