3% pay reduction is laughably optimistic. I had to take a 25% pay cut after 3 months of unemployment. My manger did the same after 6 months of unemployment. We both have pretty impressive resumes.
We ‘joke’ that we’re one layoff away from exiting the IT field altogether. I’d happily leave it all behind but it would mean further salary cuts while the price of everything increases. And I’m considered one of the ones in a good position. There are entire generations of workers who will be fighting over Walmart jobs just to get insurance.
Welcome to Hellworld.