Next time you fly on holiday (or perhaps in a few years time), why not go and look into the eyes of the pilots (many with children) at the controls who just realised that their terms and conditions had been eroded by about 30%.
If the condition changed sue the employer (if they have broken the contract) or find another job (if the contract is not broken). This is what those people do who don't have holidaymakers to hold hostage.
If one can't find a job with the conditions one wants, may be this is exactly how much one is worth and the pay is fair? If the employer was worries that he can't find anybody to fill the position the conditions would improve instead of been eroded.