What you've probably heard about this company is true. They are clearly in very poor financial health when they can't weather the storm for a short period without taking money out of the associates pockets.
Company wide salary cuts effective for a minimum of 3 months and no raises, bonuses or 401k matching for the rest of the year.
First the CEO said the pay cuts would only be for managers and above, but surprisingly a few days later in the all hands meeting he announced it would be company wide. Here is the breakdown.
Hourly & Salaried < $74,999 5% reduction
$75,000 - $99,999 10% reduction
$100,000 - $174,999 20% reduction
$175,000+ 25% reduction
No one trusts the CEO or management. They do not communicate and love to drop bomb shells and don't care about their associates.