arc contract through Oxford is more, £50/hour, maybe thats what you'd heard?
Yes I was probably thinking of that. Is the 1200/month still in place or just the hourly rate?
The system is designed to benefit both parties (in theory), as the airline can pay you when they need you (summer, weekends etc), while you build up hours that are so crucial after graduating from a flight school.
I agree with most of your post but the flexicrew system is designed purely to benefit the airline. Cadets benefit from a job but it's essentially a zero-hour contract. Lets assume everything goes well and you get 800/hrs in your first year + a couple of standbys each month. Based on the figures here...
Annual salary ~32,000. All in all a very good starting salary
BUT
Training costs are 100k +. To pay that the vast majority of people are going to need a loan. Repayments for that loan will be 1000+/month, a lot more if/when interest rates rise
New salary (-loan) < 20,000 before tax. Still livable, just. It won;t be easy if you're based in the London though and certainly no luxuries.
What if there's a recession and Easyjet only need you for 600 hrs?
New salary ~ 12,000. For comparison, full-time minimum wage is ~14,000.
What if interest rates rocket and repayments hit 1500/month? You get the idea.
If your like me and sitting weighing up the pros and cons of taking out a 100k mortgage, it seems like a heck of a gamble.....