How so, is having no job really better then taking a pay cut until the company can try to get back on its feet. I would expect deeper pay cuts for executives as well though. But again 8% less is better then 100% less. And taxpayers should pay no unemployment for a voluntary choice to stop working.
Where do you work again? I found a way for your manager to cut some costs by about 10% (or maybe more) and I wanted to pass along the information, you know, to make your company more profitable.