There'll be a wide variety in T's & C's across various regions, but for the most part I expect history will repeat itself.
Post COVID there will be a lot of highly experienced crew fighting over the scraps of jobs that remain, including new LCC startups offering barely above a living wage... many will walk away from flying, but others will take whatever they can get.
Fast forward a few years and millions wasted on management bonuses & Salaries, Airlines will attempt to expand again. Short memories will have forgotten the reason why there were so many cheap Pilots in 2020/21 and the Recruitment departments will be puzzled as to why they can no longer find suitable candidates to pay for an overpriced A320 rating, unable to comprehend that their treatment of today's Pilots resulted in Tomorrow's Pilot opting to take a trade instead.