[1] In the UK this is illegal without your consent. Have you checked your local laws?
1. http://www.lindermyers.co.uk/can-an-employer-reduce-an-emplo...
1. http://www.lindermyers.co.uk/can-an-employer-reduce-an-emplo...
It probably is; act accordingly. Continue working if you want, but do no more than your job requires, and only the number of hours per week your country requires without overtime. Find a new job ASAP and contact a lawyer/solicitor.