'Notice of Termination: Your employment with the company may be terminated by either party giving 1 months' notice to the other party, without assigning any reasons whatsoever'

My contract lasts from 1st May,2014-1st May, 2015, however, I am asked to change from full-time to part-time with a big reduction in salary on 26th January, 2015. Does this mean I will be stop working for my boss on 26th February, 2015, and he will have to pay me the full-time salary for that month as well?

Also, for my MPF, it was stated in the contract as 'Your monthly salary is HK$22000 including all insurance and MPF contributions. xx Limited will pay insurance and MPF contributions on your behalf.' However, every month, I only receive $19800 in my bank account, is that legal and correct?