That's bull. Time and again you see companies turning to the the staff demanding a cull of pay and conditions in order to save a company as if it were the staff that caused the problem. These guys aren't consultants coming in. Theyre management who through their own collective board level failures have led to a certain corporate situation. They took the job and the big bucks, that's their remit. Punishing the workforce only works if it's genuine and across the board. I'd want to see a written guarantee that management are taking an equivalent proportionate cut (getting off lightly as they're in the driving seat which caused this) and also a pledge that should high times return, a reinstatement of conditions takes place and not a case of yesterday's panic turns into today's norm.