Just say no
This, and all the other recent swathe of benefit and cost cuts, are nothing to do with the current challenging economic environment. There is no secret that Hurd wants HP to get to the lowest possible cost structure and have far more of the renumeration as a variable bonus than fixed base pay.
It is not going to stop. Bet your bonus that he is being measured on earnings per share. He will continue to screw down on everything until the happy day he buggers off to do the same to the next company. I can only hope that it is one that already has less of a shining soul than HP had because the change to the situation now has been so painful.