“If I’m reading this correctly, nobody is getting their wages cut.”
except that all of the existing workers making the higher wage had their wage cut to zero when they quit in a snit ...
Cut to zero in the short term. I expect there are plenty of other similar positions with other companies these people can go to.
That is how capitalism works. Regardless of whether you agree with other people’s decisions, the free labor market allows for people to leave one company and move to another for any reason.