Idiot with new pay cut, work up and down (10)
I believe the answer is:
nincompoop
'idiot' is the definition.
(I've seen this before)
'work up and down' is the wordplay.
'work' becomes 'nincom' (I can't explain this - if you can you should believe this answer much more).
'up and down' becomes 'poop'.
'nincom'+'poop'='NINCOMPOOP'
'with new pay cut' is the link.
I am not very happy about this link. Some or all of it may belong to another bit of the clue.
(Other definitions for nincompoop that I've seen before include "Stupid person" , "loony" , "Silly-billy" , "Idiot" , "jerk" .)