It is true that the Industry has been down for years. However I believe we have turned a corner and wages and conditions are starting to improve worldwide because of the pilot shortage.
Exhibit A is N America. Delta, American and even United received huge raises recently but they are not back to where they were before the crisis that management used so effectively to their advantage.
Exhibit B is China. With the amount of pilots they need over the next 20 years it is not wonder salaries are rising rapidly. Some airlines are offering $25,000 a month and that figure is surely to rise.
Then there is Europe. The Pay for my Job culture is alive and well. It is no wonder that as a continent their wages are only slightly higher than Africa's. Until that mindset changes Europe will not see wage growth anytime soon which is regrettable. I know there is a lot of pilots in the Middle East that want to return home but can't find a decent job in Europe.