To clarify for anyone interested as there seems to be some confusion. Under the current system, on placement with easyjet you will be paid £1200/month for the first 8 months (tax free). After which you will transfer onto a CTC flexi crew contract (paid per scheduled block hour) until you are successfully employed directly by easyjet (under the New Entrant Contract).
You are eligible to start the contract with easyjet exactly 1 year after your first day with easyjet (so your first flying day regardless of who employs you). When you are taken on as a direct easyjet employee, you are eligible to start receiving your CTC Bond back at the rate of about £1000/month. This means that out of your annual salary of £38k, £12k or so will be paid by CTC and will be tax free. The other 26k will be paid by easyjet and is liable for tax. Also because of the standard personal allowance, you will only be paying tax on about 16k out of 38k per year until the bond is repaid or you take a contract abroad or leave easyjet.