Basically the hours will be probably going back to what they were pre the big increase in hours a few years back plus the time off will be in the same ballpark.....BUT and a huge decrease in salary and allowances. Sounds like having your cake and eating it to me...... basically where you were 7ish years back but for less money (and thats without taking into account inflation)
A clever trick if you ask me....imagine instead of the increase in hours 7ish years ago they just instead dropped the pay....would that have worked ? Probably not but do it this way in two stages and "Hey Presto' same work for less money......Magic ...just watch the hands.....