Scheduling and managing events using Outlook.com calendar
I ran into this problem as well today. I checked the Calendar this morning and almost all my contacts' birthdays were gone (they were still there last night). The birthdays in my "Birthday calendar" are exclusively from Skype contacts (there may be some birthdays from Messenger contacts too).
I think I managed to fix the problem by deleting my "Birthday calendar" (gear icon --> "Options" --> "Birthday calendar" under "Edit your reminder and calendar settings" --> "Delete" at the very top of the page --> "Delete" in the "Delete calendar" box) and then re-creating it (little arrow next to "New" --> "Birthday", etc.).
I say I'm not sure it worked because, while it looked like everything came back, I didn't go through all my contacts individually to make sure that all their birthdays appeared on the Calendar. Also, from what people are saying in this thread it sounds like the problem might reappear without warning.
By the way, I think it's important to point out that this problem has existed at least as far back as July 2013: http://www.theevilels.de/?p=2574.