When you need to inform employees of this difficult news, it is important to present the information is as positive of a light as possible.
So if you have to cut vacation days, you could say "In order to make sure the company runs smoothly and everyone is able to keep their jobs and pay levels, we need to reduce spending in some areas including vacation pay." This way, even though the news is bad, you keep the focus on the fact that salaries and jobs will not be cut.
