We have heard from our liaison program that there has been downward pressure on non-wage payments, including allowances, and an increase in the proportion of new employees hired on lower salaries than their predecessors. 5 / 12  BIS central bankers' speeches  As I noted earlier, subdued growth in wages is also occurring in a number of other countries.
There was a heightened concern by some loan officers about the consequences to them and their career prospects of making a loan that might not be repaid if the borrower's circumstances changed. So, lenders became more risk averse.