In my opinion one should be paid a rate commensurate with what you produce for your employer. If you choose to live in a remote location where your salary goes further, you should be able to enjoy that outcome. It should be no surprise any adult that employers will pay the least they can. When they do that, employees vote with their feet. Good employers count the cost of turnover and generally pay what is required to keep their productive employees. Large systemic changes upset the "normal case". My friends (and their managers) left at the company from which I retired took pay or hour reductions to get through the covid-19 issue. Nobody liked it, but there were few options at the time.
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