To some of us to be expected to accept such a big step back in pay and conditions merely for the "privilige" of working for one of the biggest companies in the world is offensive.
There will always be lesser paid professionals unless you are on the lowest rung of the ladder. That does not mean that it is acceptable to join the race for the bottom in terms and conditions.
If such a job "sells" for a salary that is not on a par with industry norms, it is setting a new and lower standard for all of us.