Some interesting comments and arguments coming out in this thread, although I'm an "outsider" I can't help thinking that if these are your T&C's and you are not happy with that what did you accept them? Was it a case of "it will never happen to me"?
I myself could never afford to lose a weeks pay but then I'm only paid 28k for my job and that includes around 30% shift and weekend allowances.
In a world where the cost of an item in a shop is the same regardless of what you are paid I would certainly accept your pay with the T&C's mentioned. Just compare your wages with your countries average and then ask if you are hard done by.