It is always open to the employers to do so, or to articulate the new terms so long as the basic terms and conditions are not altered to the disadvantage of the employees. However, it is better to come to a consesus with the employees, explain them well and enter into a fresh agreement over the issue of salary, which would amount to "revision" in pay and perks. A relevant consideration is that the financial deprivation to a lesser advantage should not be meted out since the rights of the employees were already crystelised for receiving particular financial packages in consideration of services. Or else, they may drag you before the Concilliation officer, or a Labour Court for "alteration or change in condition of services".