If I Refuse a 20 Percent Pay Cut, Is it a Resignation or Termination?

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I would appreciate some advice for my particular case.  My company recently got bought out by a big corporate company. Today I got an offer letter that offers a 20% pay cut and that would increase my benefit premiums from $0 to $200/month, all for the exact same role and tasks. 

As you can imagine, I am not happy about it. And it was a bigger slap in the face when the HR person from the new company didn’t even know I existed (I work remotely, while 90% of the company is in another city). 

I’ve sent an

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