Excellent post highcirrus.
Companies have the right to change the employment terms for their employees but this can only be done with adequate notice, in line with contracts already undertaken and without the threat of further financial penalty if the employees choose not to accept the new terms and seek employment elsewhere.
If SIA believe it is reasonable to pay well below market salaries then let them announce those salaries with an effective date perhaps 12 months from now. Let them release all pilots from their bonding immediately and see how many are prepared to stay on for more of the same treatment.
Other airlines around the world make profits whilst paying staff market rate salaries and honouring contracts. Where bonding exists it is usually for a period of 3 years and of the order of S$ 45,000, a fraction of the total SIA bond.
Perhaps SIA would like their pilots to fly only 83.5% of the distance to destination or land safely only 83.5% of the time!
SIA are not losing money. If they are not making as much as they would like it is not because they pay their staff too much. Compare their staff costs with their ticket prices and show us a comparable airline that has a better ratio. If the staff are not being used efficiently that is a management problem. If they have too many "expensive expat pilots" then just stop renewing expat contracts. That would lead to a steady reduction of 80 to 100 pilots per year. Alternatively base more of them overseas and save schooling and education subsidies.
Most pilots in SIA want to work hard and be well payed for doing so. If there are those who don't want to work then let them leave and pay those that do the market rate and get back to having well motivated pilots who feel that their contribution is appreciated and properly rewarded.
The SM admits that fuel is an essential requirement for airline operation. He should try airline operation without skilled pilots, he may come to the conclusion that they are needed too!