It's not about market forces (i.e.. people leaving) at this stage, Bengaluru. That is a separate issue.
It is now about the cost/benefit analysis of paying us more versus paying us what we currently get.
As someone pointed out on a similar thread, it actually won't take much by way of an agreeable, inflation-matched pay rise to change the working habits and productivity of the pilot workforce.
Sickness rates will fall, goodwill will start to return. The cost reduction in achieving so, will be far greater than a few percent here and there.
Being as smart as you imply, I find it odd that you don't realise this.
To answer your question regarding inflation protection;
The entire company, except pilots and flight attendants have received unilaterally imposed, inflation matching pay rises on the first of Jan each year, for as long as I have been here.