From ENWorld: A publisher looks for freelancers willing to work for 1c/word. Malcolm Sheppard (eyebeams) calls bullshit. Thank you, Malcolm!
My own hunch is that if a freelance deal is already paying this bad, why not just go DIY or pure amateur, at least until you can find someone willing to pay a fair wage? But I’ll admit I’ve got no experience freelancing myself, and merely don’t like seeing people screwed.