What is worst is when you find both the pay and the job satisfaction being erroded together. The modern management philosophy (not just in the airlines but generally) is 'if they aint scared for their jobs then they won't be operating at best efficiency'
Dont Hang up, that is symptomatic of all sectors of industry. It is just a case of your personal level of comfort at erosion on T&C's that makes you look elsewhere. Some people can comfortably live with high levels, others don't because of various circumstances.
I personally am very sensitive to changes in my T&C, not necessarily because of pay, but more of satisfaction and the like. Once a job starts to suck, I switch elsewhere where there are new things to learn and experience, hopefully with a bit of a raise and some nice non-monetary bennies included.
S.