stupid company

Yesterday, my company send an email, firm wide, to inform us about a Townhall meeting at Orchard hotel. They make it compulsory for everyone to attend. So from the sound of it..we already have a rough idea on what our big boss is gg to say. So today, with a heavy heart, we attended the meeting. And yes, they dropped a bomb on us. Not only are we going to have a pay cut (only affect those from Senior grade and above), they are going to abolish the OT system!! Yes, this means that we can no longer claim OT hrs in the future! This really crushed our moral...with no OT claims, who would wanna do anymore OT! If cannot meet deadline, then so be it. Not our business anymore. Some firm practice pay cut but make it a 4 days work week. Less pay, less work..at least it sounds reasonable. But for us, we are doing the same amount of work, with pay cut plus no more OT claims, then who the hell would wanna "slave" for the company...employer of choice?? ...absolutely NOT!!