Well as per labor law, either party can terminate with a month of notice or a month of salary. If they gave you the reason that its because of cost cutting or down sizing, that's good enough of a reason. As per law, they have to give you ticket back home and one month of salary if the notice period is less than one month. The best thing is to look for another sponsor now without wasting time. Note: Sponsorship cannot be transferred before one year but can be partially transferred after six months. Thats the option they have for part time worker. Use this option until you have full one year.