Pilots currently employed by freight airlines will probably retain existing T & Cs, as their segment of the industry should be OK. But it is highly unlikely that they will see any pay increases, other than perhaps productivity incentives to fly maximum hours.
Pilots & cabin crew etc currently employed in airlines geared to passenger operations do not have a rosy short term future. The usual laws of supply and demand will likely see conditions get worse as pilots squabble like seagulls over the scraps remaining and ruthless management exploit this. This will not be a time for any staff - from pilots to baggage handlers - to make demands; rather a time to keep a low profile and hope your employer survives.