20% pay cut and increased workload - stay or leave job?

Hi all, my job contract is expiring this December. Was told that my contract will be renewed for 1 more year just to help them (boss and department) out. Boss also informed me that she is uncertain of what’s going to happened at the end of December 2021. The new contract also will have a 20% pay cut and doubled workload. Given the situation, should I be finding another job?

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The terms sound bad but is there something new you can learn from it and any chance of promotion/progression in future? Can you accept the offer now and look for a new job at the same time? Ideally, you should only quit when you secure a new job.