Survey: SMEs foresee further wage cuts but no job losses

The number of people employed in the small and medium sized enterprise (SME) sector will not fall in the next 6 months, according to 83% of respondents to a business confidence survey.

The survey of over 330 decision-makers working in the SME sector found that the majority (56.4%), anticipated further pay cuts (over 65% have already accepted reduced salaries) rather than job losses in the next six months.