I think if you factor in training debt, we reached minimum wage for new pilots ages ago. Didn't Flybe have a bottom rung of about 18k?
For what its worth and having seen 3 major industry setbacks in my career, we ain't seen nothing yet. There are so many factors going against the resurgence of mass air travel that a huge contraction seems inevitable. Just imagine if a COVID19 vaccine is not found in spite of the global effort to make one, ther is no guarantee that this will happen. SO for an indefinite period we are left with an industry hamstrung by distancing rules and public fear. Contraction and immediate reduction to T&C's are likely. But, again if we imagine this is the new normal, the supply and demand for pilots will equalise and T&C's will improve again. Scarcity of labour is the about the only reliable thing that improves pay. Problem is, it may takes years to come to pass. Pray for a vaccine.