Can my employer change my pay structure

I am working in a public sector company which is an NBFC and the management of my company comes from insurance behamoth which even got recently listed.

Talks are running around that existing pay structure which is in pay scale will be replaced by CTC model.

I joined in company thru open notification and in the offer letter it is mentioned my wages would be paid on a pay scale which will have revision for every 5years. (As like in public sector banks)


Can my employer curb my benefits which enjoying now. Can I be paid lower than what i am being paid now.

Dear Aditya,
Employers are not allowed to cut the pay of their employees without discussion and information and it is illegal to change the salary structure without informing the employee. but as per amendments Pay Structure can be revised!
If the conveyance allowance is not part of salary but outside the salary (Gross salary) but within the CTC, then the same can be reduced if the station of work is changed in favour of the employee.