Is it permissable for a company to reduce your salary rate just 1 month after hiring?

Question Details: While I was working at a hospital, I received an offer for a position with a health company. I accepted the position because it was a substantial pay raise, at least 20% higher. I've worked at the new job for 1 month now and during my 30-day review was notified that the pay rate is being adjusted down to a significantly lower rate. Realistically, their original offer was pretty high but at the same time I wouldn't have quit my previous job for a pay cut or a lateral move. I'm going to present them with a counter-offer and hopefully resolve the issue without involving others. It seems to me that they hired me under false pretenses. I live in a small town where jobs are very limited, so my previous job is no longer available. I want to make sure that I know my rights, that I'm being treated fairly, and that I continue to be financially secure.

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