This news about
Monarch seemingly has many of the same elements that I witnessed (
from within) just prior to the demise of Air Europe (UK) in March 1991.
If I was working at Monarch today, and they offered me a full redundancy / severance package, I'd take it. Much better that than to get $0.02's worth of f'all later on, i.e. when they go bust (
all as happened at AE).
See also:
Air Europe - Causes of it's collapse