A wage cut, not a pay cut. Employees can agree or disagree(stay or quit) if they get wage cut and receive the same (take-home) pay.
Take home pay and wages are not equivalent terms. Pay and wages can be used interchangeably, but I will try to use wages in the future if that makes you feel better. When people ask you what your employer pays you, I bet most people would respond with their wage, not their take home pay. At least I would.