They're only terminating AdSense Referrals feature, not the main AdSense.
Hello,
No, they are not terminating the Google Adsense program!
Adsense is a major source of income for google and as such they won't terminate it.
Adsense publishers recently got an email telling that Google is retiring the referral program starting August first week. By this mail they don't mean that they are going to retire adsense!
In the mail, they have also provided info about the Google Affiliate Network which can be used in a similar way as the referal ads.
Hope that helps
Rakeshsgk