Bengi:
Your points well taken, BUT:
Everybody wants a secure income 2 - 5 years down the road, and you can look at any industry/profession and end up realizing that uncertainty is the name of the game.
What is preferable: a three-month rolling contract or one where you can be fired at one month's notice (not unheard of in many parts of the world)?
Given current economic circumstances and market value of airline pilots, the deal at CX appears to be sufficiently attractive to not only retain pilots but, moreover, to attract new recruits.
You cannot argue with the market in the long run. This is a core value the HKAOA has yet to absorb.