Good day

I've been with my current company for almost 20 years and on Friday, 21 September 2018 I received a call from my boss advising me that the company is not doing well. That he and his brother [co-owner] have put quite a sum of money into the company, but it hasn't help and would I consider a 20% pay-cut and work 1 day less a week.
I advised him that I couldn't afford it, but would think about it.
I then mailed my boss confirming that I couldn't afford a pay-cut, that I hadn't received and increase in 6 years, apart from salary review I received when I moved to Durban and took on another job role. I then requested voluntary retrenchment.
My boss phoned me and stated that he didn't expect my reply, that I am important to the company, they didn't want to lose me, and that the pay-cut wouldn't affect me. And asked if he could ignore my mail, which I agreed to.

Then on Wednesday, 26 September 2018 my boss mailed me [referring to my email that he asked to ignore] stating that the company is not in a situation to offer any retrenchment package. That they have re-evaluated the situation and have no option but to implement a 3-day week, effective 1 October, 2018.
Part of my response was that I understand the company's financial status, and am happy for them to pay my retrenchment package over 5 months - 26-Sept-18.

The reply I received on 28 September is that the sales period 1 January 2018 date have not been sufficient to cover overheads. That they've had many meetings have been held this year looking at reducing overheads and creating new business, to address the monthly losses the company has been making. He also stated that this cannot continue so it is Management’s decision that the only way to rescue the business is to go on short time. That it is not what anyone wants but it is one of the measures we are embarking on to save the company and the jobs of our employees.
I requested a breakdown of what my take home salary would be before commission, and now most certainly cannot afford the pay-cut.

I, therefore, requested that my contract [updated 24 May 2018] be terminated in the hopes that I can claim UIF - my mail was dated 1 October 2018 as I was advised that the new working conditions would take place from 1 October 2018. As of close of business today [2 October 2018] I have not yet had any response.

Is all of this above-board, have I been treated fairly? I would appreciate any advise regarding.

Many thanks
Janine