It's happened in Australia already...set up a shelf company, employ all new crew on separate terms and conditions, and eventually farm off existing flying to the cheaper of the two.
The fact that the wages are povvo means nothing...they'll get people who'll do it for a year, then replace them.
I remember a time when people would fight each other for a position. Now, it's a race to the bottom in all senses of the phrase.
Batten down the hatches, guys...there's a twister brewing...