I received an offer letter containing the following statement:

Your base salary will be reviewed at the end of each fiscal year and changes will be dependent on your individual performance as well as what the external market pays for similar jobs.

Does this mean the employer can reduce my salary?

Isn't someone going to help me? I have to give an answer this Monday.

Yes.

Furthermore, absent an employment agreement the employer can change your salary at anytime, "with reasonable notice".

Bob, how about a little patience?

This is a volunteer board. All the responders do this on their own time. You posted late in the day on a Saturday. It's doubtful that anyone was hanging around looking for posts to answer at that time. Operators are not standing by 24/7 to answer your call, okay?

Next time I'll make sure I answer sooner! :)