Best to be somewhere in the middle at the moment, not too senior and costing too much, nor to junior and disposable. S/Os are an easy target as they are only needed on long haul flights which will be the last to recover, they can be replaced by a F/O in the meantime and only need a quick P2X rating when the market picks up again.
If other airlines are an indication, expect significantly lower T&Cs on a "take it or leave it" basis. I'm currently on 45% of my previous income, have lost my fixed pattern roster, will be getting no pay leave each month starting next year and now get no extra for working an OFF day. However I consider myself lucky to still have a job and not be looking at a career change in my mid 50s.
Hopefully we can hang on and in 2 - 3 years time our conditions will improve.