Let's not forget the impact of exchange rates.
It's an individuals choice to expose themselves to that risk, but this is an expat gig and the true value of the package will determine recruitment and retention.
The issue is that bottom feeder pilots are not affected nor care about historical salary data, they eat what's on the table today. The old hands won't extract themselves from their comfort zone until there is something worth chasing. It usually has to be a fatter, more tastier prey in a nicer part of the ocean. Preferably all three.
There are plenty of bottom feeders, the comfort zone is comfortable enough and significant other prey has been all but fished out. TC is a cunning fisherman, he's saving his berley for when it really counts.