Part of the qualification was their cost. I bet they failed that one.
The question is: Did management give the workers a choice to work for less money? My guess is probably not. Sure, some (many?) may not be able to work for less, and I imagine that management would assume anyone choosing that would only stay until able to find another job for more money, but that's not always the case.
I"m 52 and I know I can work 1/2 time (for 1/2 pay) and still have money left over for savings and I have offered that option to my employer as an option to save either my or another person's job on my team should the upcoming layoffs affect us. Judging from their attitude, however, they'll probably just lay me off anyway.
Thankfully, I'm debt-free with enough savings for ... well, according to my budget, the rest of my life. Not "fuck you" money, mind you, but my budget says I'll get by okay - even better after SSI kicks in. But my wife (who died in 2006) and I didn't have any kids, always lived under our means and were/are happy with that, your mileage may vary. I'm still single and that helps too...with the budget anyway.