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Assess your options. Guessing you don't have a lot of savings. Sticking with the companies will have its pros and cons. Your decision should be based on how much you like your current org. There's no guarantee you'll find the same comfort incase your org is non-toxic. A lot of other places will have things you might not like.

What is with graduates making absolute brain farts when it comes to financial decision making?

The good thing is that the cuts don't start immediately. But we have been given a warning that they might start in 2-3 months. We still have to time to think about it and it might also not happen in case things get better.

Lol, we fucked up so can you cut your stomach and make us survive? Haha. Did they atleast offer more esops for these cuts? Shame otherwise.

Start applying for jobs already! Salary cuts are never the answer.