If pilots are leaving Monarch, where are they going? Easyjet is hiring on the Airbus but then you have to fly many more sectors per day - pay is a little better but your quality of life probably doesn't improve much. Sane people are avoiding Ryanair. BA and Virgin are hiring here and there, but pay is low to start and QOL is dependent upon fleet. I suppose Thomsonfly/Brits are hiring and a better choice so long as pay remains in good standing.
I am surprised non-newhires who are not targeted for the "C" payscale at Monarch would be leaving to go to the bottom of the seniority list somewhere else (unless it is directly into the left seat at Easy).