Once upon a time
Many years ago airlines, like Dan Air, provided the transport for the package holiday companies. Then came the in-house airlines offering uniform branding. These airlines expanded rapidly with usually excellent terms and conditions on par with anything except the legacy carriers. FTL agreements assured a good life for the pilots. (One A330 captain boasting of less than 300 hours and eleven one week stops in the Caribbean in a year during the late 1990's)
These in house airlines have mostly merged into what is left today due to the slow retraction of the package holiday market. However the pilots, especially those near the top of the seniority tree, continue to receive benefits applicable to the good old days. It is unsustainable and will eventually lead to the return of the independent charter airline, or purchase of low fare seats, and demise of the in-house airline.
This process could be slowed but the eventual outcome is indisputable. Let us hope that the very high professional pilot standards that were achieved and maintained by these in-house airlines will also be in evidence with whichever outfit flies us in future.