It is ok for an employment agreement to be renegotiated, but changes can’t be made without your agreement. You can’t be forced to agree, or be given an ultimatum like “accept the changes or your employment will end”. Sometimes there are good reasons to vary an employment agreement. An employee might want to change their hours of work, or an employer might want to convert some extra leave entitlements to pay.
If an employer wants to make more than minor changes to your employment, they must go through a redundancy process.
If your employer asks you to accept changes to your employment agreement you should take the time to think the proposed changes carefully. You should also take advice, because once you agree to the changes you cannot revert back to the old agreement without your employer letting you.
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