From past experience during SARS there are few things to think about.
1. The company WILL screw you over with this SLS. They want you to take it but sure as hell they are not going to let you do it in a way that works for you.
2. Talk to you mates in a rational manner and talk out the pros and cons of both the SLS and the new contract whatever that may be.
3. Perhaps the most important. MAKE YOUR OWN DECISION. Do not be swayed into a course of action by your peers, not even your best mates. Sure as eggs when the !!!!! hits the fan all the people talking tough right now will be signing their lives away.
4. Whichever way you jump don't get too worked up. It's just a job and they are
pr*cks. They are not worth losing sleep over.