I'm sure the pilots would be allowed to have a vote on taking 60% of their current salary. So far as i know there's nothing stopping that, in fact they could also have a vote on taking LWOP.
Well....If I was at Air NZ ( I’m not) I would be leaning heavily on my Union reps to put forward an amendment to the contract whereby every pilot stays in their same seat but goes onto 50% pay until 1st October where it is reverts to the current situation pending review ( ie if flying is picking up it could be raised to 70% pay for 3 months.)
The reason I’d want that even if I was senior is for the longevity and health of the company and the 205 about to lose their jobs.