The reality of it as I see it is that CX will do nothing about the BPP situation untill HKG labour law changes. Once that happens the company will be able to ignore the contractual obligation to pay bypass due to the fact that not letting guys stay past 55 will be illegal.
This is about to happen on some bases where labour law already supports the guys who dont want to retire at 55. Mark my words - it won't be openly stated but guys extending on bases will soon not generate bypass pay anymore - the company will claim that the contract only allows for bypass in case of CX extending a CPT and therefore willingly hold back an FO. If the law requires it then CX will claim its not their doing and therefore you can go claim your bypass compensation from the Aussie/Pommie/US government!!
FO and SO's can basically kiss it goodbye.