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As I suggested elsewhere: Why not a variable pay ?
An acceptable base income - similar to what the low cost carriers may pay - and an oppertunity to earn a lot more, if the company makes a profit.
That would cause everybody to think twice before introducing new costs and not limit the pilots (and others) to a permanent low wage.
I have been on that scheme for 6-7 years at my IT company, lots of money in the good years, less in the bad.
Since the payments go down when profits do, we rarely fire people and then in much more limited fashion than the competitors.
Regards
Michael