The perfect model low cost airline that has maintained pay/benefits would be SWA in the US, otherwise there are many variables. SWA has a large established structure, most modern low cost airlines are low pay and low benefit providers.
The legacy airlines have consolidated putting many people on the street, lowering lift and increasing pax load factors.
All in all your question could be asked more than 20 years ago in this country. I can not speak for the EU market.