Do you have an employment contract?
There may be an issue (and I am not a legal expert so caveat emptor) with breach of contract/ some employment legislation if the pay-cut is unilateral and without any change in employment terms.
John Rambo if the op works for nothing he'll never be idle. i know a girl who's had two wage cuts since JAN and if her wages are cut any more it'll be cheaper for her to stay at home and for her to pay her employer.
How is this helpful? Because there's a recession every employer is entitled to screw his staff and its all ok because the alternative is being made redundant? Right