Reducing paid sick and vacation time?

With business decreasing for the last two years and the new year approaching the company is talking about reducing the amount of paid sick leave employees receive. At the moment employees who have been at least three years they get three paid sick days. the company would like to reduce this amount to one or two days. Also, they would like to decrease vacation time by 10%. My question is if this is legally okay? I know it will hurt morale, but the company does not want to have to do any layoffs.

Please advise!

Thanks

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