A reasonable result
I think you are all terribly pessimistic.
This pay deal has to cover us for losses since the last payrise in Jul01. If it is a 2 year deal, it will need to cover us from Jul 01 - Jul 09. That is an 8 year period.
We should reasonably expect recompense for inflation and exchange rate losses. That would lead to a 30-40% payrise.
And of course if they want to introduce a later retirement age, then they will have to recompense all the FOs and SOs for the career loss of earnings when they reach 55. I am sure they will look after the career path and career earnings losses due to CX's desire to have RA60/65.
Who knows, they may decide to upgrade the increments for CNs from less than 2% to 3% like Emirates do. A mate of mine in CX is on $98K per month and he has been here for 11 years. An EK mate has been there 11 years and he gets $105K(HKD) tax free. SO he earns more than the CX friend before tax, after tax he earns $20K a month more than the equivalent CX CN. ANd because of EK 3% increments, the EK guy's earninigs accelerates away from our CX friend!
So all around, there should be money flying everywhere. They will be very concerned with the effects of DEFOs on SOs, they will be concerned with career earnings potential for FOs and SOs due to higher RA.