Whilst the principle of Bonding or Training Agreements is easy to defend, it looks as though this scheme contains the worst of both worlds, what with a reduced salary AND a five year period.
In any contract such as this, it is incumbent on the employer to show that the costs (to the employee) are reasonable should a dispute occur. Perhaps, NightSun, you could supply us with the amount of pay reduction one would be expected to take and the cost easyJet says it must pay for your type rating?
I would suggest that costs above about 15 grand sterling would be difficult to justify as would the period on such a common and simple type, particularly when three years seems to be the industry norm. The potential advantage of the type rating to the pilot over some undefined period in the future, whilst undeniable, does not come into it, by the way.
Look forward to more info.