I was about to say the same. How can they select? Lifo may not be ok but experience in hours is surely ok and that amounts to the same. This would mean that a FO that already had 1000 hours when they entered easyjet may keep a job even though they are the last to join? But this amounts pretty much to LIFO anyway.
There are always 'favourites' that will escape the cull. Some of easyjet's more recent recruits are more rough round the edges and would prob never have even been selected 10 years ago and definitely wouldn't have mid 2000s. Then there are those who have better communication skills, better educational background, more upper middle class.
I cannot see easy getting rid of the latter in favour of the former. They will surely keep more female pilots as well. Those who can least afford it and with the biggest debts will probably be thrown to the wolves regardless.