A balanced post on the face of it In the slot.
However, please let me expand.
If the basic salary of an SIA Cargo pilot was industry standard before Housing Allowance I would be inclined to agree with you 100%, but it is not. Not by any means.
Industry standard (Best Practice - call it what you like) is that when employing expats the host company either provides suitable housing (rents directly from landlord) or provides an allowance for such housing. If they do not do this then market forces take over and pilots leave. That is now starting to happen.
Sure, the economics of Singapore have altered but so has the global demand for pilots. If SIA C don't up the ante pdq they could well struggle to crew flights. Worse, they could be stuck with a few disgruntled pilots who want to leave but can't afford to because of the bond.