Admiral Beez
Superstar
This happens all the time in private business. If the corporation is failing under heavy cost burdens, payroll must be and is often cut, otherwise the corporation closes and everyone's out of work, or the production/service moves offshore.3cp1, would you be willing to take a 20% pay cut? Honestly. Think about it before you answer.
For example, Northwest Airlines due to financial pressure is demanding that its pilots take a 20% paycut, taking them back to 1996-levels.