If it bothers you that much then dont apply. I'm sure there's plenty out there that will. O'Leary may be a 'beancounter' but one thing you can never accuse him of being is stupid. FR are offering an excellent package by industry standards (with the added incentive of job security) £50 is not that much to someone who has spent most of their adult life and a small fortune trying to get into their dream career.
I thank god I'm not in a position to need to apply but there are plenty of people out there that will be grateful for the opportunity