There are two things that must happen for the new company to drop your wages.
First, you must not be under a termed employment contract. For instance, if you signed a 3 year contract at $50,000 per year they have inherited that contract and likely can't change it (unless it has a stipulation allowing them to).
Second, they must be fair with the new wage scale. They must either have this as a broad sweeping even pay drop or they must have a reasonable explanation for the pay cut. This reason can't be discriminatory by age, sex, or race.
Basically, they can drop your wages as long as they inform you of it ahead of time, are fair with the pay drop (providing a non-discriminatory reason), and they must not be in violation of any set employment contract or labor agreement.
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