The redundancy package here is huge (1 months pay per year (max 12) + 3 months PILON) so they won't be offering redundancy instead and to change the package is tricky and cannot be done immediately, according to our employee rep (it would take a few months to get the paperwork through the nightmare of Corporate legal).
Oh yeah the offer is not pay cut or redundancies, its pay cut and redundancies.
I found this on the web, so it looks like it might have to be voluntary, which if that is the case I should imagine the takeup will be zero, as pension matching is going, pay rises have been canned for the last 2 years and employee benefits have been leeched away over the last few years even though the company has been making industry record profits. Mind you I doubt it helps that last time they did this they used the money saved by the salary cut to fund the pool to make people redundant, so more people got laid off as they had more money to play with.
According to the legal firm Thompsons Solicitors, an employer cannot unilaterally impose a pay cut. Rakesh Patel, its head of employment rights, explains: "If they did, it would amount to a breach of contract and would also potentially amount to an unlawful deduction of wages under the Employment Rights Act 1996. Deductions may be made only if authorised by a relevant provision in the worker's employment contract itself or by a statutory provision, or if the worker has agreed in writing to the making of the deduction. In the event of an unlawful deduction, a worker can take the employer to tribunal."
I will definitely be giving the CAB a call tho.