[sedachv]

"Cost-of-living adjustment" is the biggest wage fixing scheme since the 2005 Apple-Google wage fixing agreement. You are doing the same work, producing the same results, while the company is saving a ton of money on office rent, parking, security, electricity, etc. At the same time they declare you have to take a pay cut!

Do not agree to it. The company has no negotiating position here - it will be very disruptive and costly to replace employees right now. HR can only make an example of a handful of people before terminations prove so disruptive that the wheels start coming off and the other managers go after them.

If you have already agreed to a cost-of-living adjustment, renegotiate. If they fire you because of the cost-of-living adjustment, join a class-action lawsuit. If for whatever reason you think you cannot negotiate in your own best interest (not true! as a tech worker, you have most of the negotiating advantage), unionize.