Dragonair is experiencing a similar phenomenon at present, and if what I hear is correct, then the recent negotiations held with KA management didn't go well and it seems that only a 5% increase was achieved.
There has already been a significant amount of resignations, with one fellow going to J* as an F/O but has now been offered a direct entry Command based in Melbourne! There are plenty of very young experienced A320/330 rated Aussie Captains here (with the Airbus ratings on their Aussie ATPL) who have applied to J* and Tiger.
Whilst the salary package here is a bit better in real terms, the lifestyle (including horrendous pollution levels) seriously sucks, and many have now decided that any basing on any salary back home is better than this.
Watch out!
BNS