Okay so maybe I haven't seen this straight:
For the new-guy:
You get paid peanuts to live in substandard accommodation, fly poorly maintained equipment, getting experience[s] that no future employer would credit as worthwhile. But, hey the sex is cheap.
For the retiree:
As above except that you don't need the hours.
That's it.
Therefore: Gotta take this job because the sex is cheap.