Abstract:The current economic and financial crises ‐ sometimes referred to as the "Great Recession" ‐ have made compellingly clear the need to reduce payroll costs and manage employee compensation more effectively. These imperatives are in fact part of broader initiatives to restructure government so as to reduce costs more generally. Some countries have proceeded to freeze or reduce salaries; others have yet to make that decision. Plans have also been announced to reduce employee benefits ‐ primarily pensions ‐ but the savings from these changes would only be realised over extended periods.
Document Type: Review Article
Publication date: 2012-11-01