Technically, yes :) Of course, my employer would never see it that way. If I worked for a smaller company with reasonable people (e.g. nobody screaming "comply or face disciplinary action!" in daily emails), then I'm sure I would have some leverage, either before or after cutting my hours.

As it stands however, I work for a megacorp that offers nice projects to work on, but with a "system" that's like a dystopian nightmare, and a rulebook and HR staff that exist to waste your time, use you up and spit you out.