... Now is the best time to cheat employees ....
My company is doing this. After 22 years, 10 in my present job, I've had to go for a competence-based interview (which I believe I've failed!!!) as there are suddenly only 9 jobs for 28 of us. Those who get made an offer (of their old job back) will have to accept new contracts which, amongst other things, allow the company to temporarily lay us off (on £21 a day minimum wage) at a week's notice, or put you on a three or four day week for an indefinite period, or whatever they want... They are completely de-risking being an employer, and are using their staff like agency staff. ACAS have advised that if they've been through the proper consultation process, which they have, then there is little more can be done.
While I'll probably struggle to find another job at the moment, and that will hurt, I'm almost pleased that I won't be part of that company going forward.