Mistake?
Just to throw this in the mix. I personally think it is a bit of a mistake, the money aspect is stupidly low but in the current climate and with your very low experience you must have done extremely well to secure anything at all.
Think about where you will be in a few years time when things start to pick up again. If you don't take the job you'll be in exactly the same position as you are now but with degraded skills and on the bottom of the CV pile with every other wannabe OR if you do take it, you'll be flying, gaining valuable experience and probably having all of your ratings revalidated by the company and working towards a command position etc.
Yes the money is low and they are taking the pi55 but sometimes you just have to go for it. Would I do it? No, but the difference is that I have a flying job already, it's not a jet job but it pays the bills and I'm gaining experience. If I was in YOUR position now though I would go for it, at least it's flying and it's a jet.