Well it depends a lot on context I suppose. I thought it insensitive because it could come across as "I know you've just said you're going to lay a bunch of folks off, but since I'm on the lifeboat, can we talk a little bit about my time off..."
I look at it like this. When I signed up for the job you promised me this thing, we're in a bit of a downturn, am I still able to get that thing you promised me?
