I think it is only fair that the variable portion of the pay is cut - that is why it is called variable pay. There is nothing unfair about it. The reason behind is though very scary. Indian IT service industries will suffer a lot. But I think th egood nes is that the salaries of the Indian IT workers is high compared to other sector and the comapnies will be able to survive cutting the salary and some fat in their operation. If fat is not for tough days, what else can it be used for?
