Leave the pay where it is, but turn back the conditions 10 years...
Honestly, I sincerely think the pay at EK is reasonable if the conditions were reasonable. The problem with most crew (that is pilots and cabin crew) is that they are exhausted and overworked. No pay can change that fact: you don't get less exhausted from being paid more.
In order to get our crew levels back up to where they used to be, EK should keep the pay as it is but go back to a European style pay system like we used to have until about 10 years ago: 82 credit hours per month (31 days) and credit for every duty, including STBY, simulator and even annual leave. An while we're at it, get rid of the flight pay.. Only that way a healthy and sustainable lifestyle can be obtained for the crews.
Initially this would lead to a big overtime pay for most pilots every month while we are still working our asses off, but as the numbers would go up, the overtime would be traded in for a better lifestyle.
Unfortunately, I am expecting the Arabic capitalistic solution to the problem: pay them more money and work them harder for it...