controlledrest
It wouldn't matter anymore. They've proven once and for all that a contract they sign with their employees isn't worth the toilet paper it's signed on. Even if they return you to your previous conditions now, they could again and again cut it down to size any way they wish. You'd be mentally ill to put any weight on what they offer you to stay and not take any survivable option of a job offer when the hiring picks up and you're offered a job anywhere else where you're offered a contract. Cathay can never again claim to offer you a contract. They've lost ALL credibility as an employer permanently. Stop framing your future with any trace of Cathay in it. Unless you're desperately unemployable anywhere else either because something is wrong with you or that where you can get a job back home there just aren't any jobs right now etc. You should just be moving beyond Cathay.
Meanwhile, do as little as possible, be as inefficient of an employee as possible as you can. They're paying you half as much, so do half as much. Before you burp the word "PROFESSIONALISM" , they're paying you half as much, you only have half your job left, and they're only entitled to half your professionalism.