Sorry to say but all I seem to read is complaints from Sing Cargo guys.
Aren't the Singapore Airlines guys in the same boat as far as contract?
I wonder were the flight hours ( the $7000) guaranteed in the contract or was it one of those ;base pay plus $x per hr over so many hours.
Fortunes change in aviation and companies have been using this ( base plus flight hours formula) type of contract for about 30 years to give them a breather during tough times. The alternative is redundancies at the first hint of a downturn.
Surely you experienced pilots were aware of this.
What does the contract say?
Unfortunately, pilots ( also for about 30 years if not since the dawn of flight) have looked at a contract, quickly multiplied all the possible income to an unrealistic amount and then build their lifestyle right up to this limit.
When things don't work for them, they complain and try to change the contract conditions to suit them.
If you can't work with the company or the contract, it's simple, vote with your feet!