A few issues here. The first is that while they are very short they have been covering with pilots coming in on days off.
They have reduced the requirements for new hires and they are slowly starting to fill courses.
Anyone who has been here for more than about 4 or 5 years knows (or should know) that nothing will change. This is even more true now that Dubai and the UAE are being severely affected by the price of oil. EK is a cash cow and will be squeezed even harder.
I would hazard a guess and say that if they do make changes (pay or conditions) that they will change back as soon as they feel they are able to.
Soon there will be a VAT - likely 5%.
Parliament is discussing a remittance tax - to tax money being sent out of the country.
The biggest threat is that with oil prices where they are and the expectation that it will be low for several years there is a HUGE risk that they will depeg the dirham/dollar rate. IMO, this is our biggest risk as employees. (google it if you want more info--Saudi in the same boat).