To ACMS and all the other based crew. I truly hope there is some way you can keep your base, life in HK was never great but the package made it tenable.
This new contract makes it virtually impossible for a FO with two school age kids move to HK. 22k for housing will not go far and you can expect to pay about 20k per month to top up the inadequate school allowances, this is without considering debentures, uniforms or field trips, those will be extra. Now take a look at your base pay rate, unless you are on the 747, that is all you will see for the next 12-24 months. Can you even break even? I don't think you can.
God forbid you or one of your family members get sick, you will be faced with a very significant bill due to completely inadequate medical benefits.
I wish you all the best but I don't see any future here.