It was and is a combination of both t&c's and prospects. Some FOs had their salary almost halfed (some ironically are better off shortermwise), some captains lost 30% (a few are better off initially). Also, fear of loosing their job's is not, still unfortunately, in the past tense, unfortunately this is the reason why several are still leaving or looking outside.
Monarch is not the same company it was six months ago in any respect, just ask any of the crew.