Tks, Feenix and Flying Monk - much as I suspected as I felt PTI's query was a bit selective and didn't quite represent the situation.
Answer is pretty simple overall, if you don't like the offer, don't accept it - voting with your feet is far more effective than whinging and bitching. If the offer is SO bad, then there won't be any takers and whomever will be forced to up the ante. What's difficult to understand about that?
Still wondering if there are other benefits in lieu of the pay cut .............. anyone?