I think you have got to give cx more credit for the situation. There are a multitude of reasons why cx has avoided redundancies so far and you can bet they have thought about it. I can guarantee getting a work visa for non locals in the future will be next to impossible until every redundant local pilot is back in employment including all those from not within the CX group. CX would like to preserve its already trained workforce for the inevitable recovery. Just be grateful you still have a job in the current climate while your brothers and sisters at Dragon weren’t do lucky.
If you don’t like the new contract feel free to walk. I’d happily take 50% pay over no $0 right now because I can guarantee you aren’t going to be able to find another flying job right now or even a non-flying job that pays equivalent to what you are still earning under the new contract. Market forces will determine the contract in the future.