As regards the 'bigger picture' and 'eroding terms and conditions'.
J* NZ and now J* Singapore now offer the highly trained crew the COMPLETE FULLY ERODED PACKAGE.
The bigger picture, fortunately, is that as Emirates and the like pump up their recruiting, those on the peanuts pay scales will leave in droves.
So, you can see it now - shiney new aircraft (787's and the like) parked up against the fence, with no experienced crew numbers, and only the new cadets left to fly them (lets not even think about the consequences).
Pity management don't pursue real "engagement" with their crews and look past the very short term savings !