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Backdating of voluntary pay cuts

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So a query for anyone who might be more knowledgeable than me.

My employer has recently taken the (somewhat understandable) decision  in the current climate to request that all employees voluntarily submit to a temporary 20% pay cut. 

They have however elected to backdate this pay cut to the beginning of this month (two weeks ago). The knock on effect being that my colleagues and I have not been given the time or opportunity to financially plan and make the necessary adjustments to our outgoings, in preparation for the pending pay reduction.

Is this legally acceptable or a grey area and therefore subject to interpretation?

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