I must concur with the above. PHI certainly does NOT pay full salary for 2 years. That what what I was told at my interview day too.
When I needed it I found out that it is actually only 75% for one year and is discretionary. Either it was more spin on the interview day or, like most things these, it has been quietly eroded without us noticing!
That said, with a good few years under the belt, there are still far worse places to be. However, if you are a new joiner, you should definitely come with your eyes wide open, all the risk assessment done, and possibly a plan 'B' should the worst happen (and it has done on several occasions). It really does come down to what satisfies your personal demands from the job versus the security you require from it.
It certainly isn't the glamourous party atmosphere inside that it once was but 750hrs/year is a reasonably good gig if you can survive on the wrong end of the list and don't mind perching in the right seat (and the jumpseat!) for a good while.