I wouldn't understate nor overstate this erosion of T&Cs.
It's not good and doesn't feel like the previous freezes for obvious reasons.
What's more interesting is the psychological effect that these cuts (Salik latest) and increasing number of articles (Bloomberg, BBC 380) are starting to have.
The herd is starting to get a little unsettled, even if that pay cut "tiger" is still lying in the long grass without moving. Cautious survivors are getting more restless.
The talk around the kitchen tables has started to shift.
The equation of waiting a few more years has changed to "I don't want to be trying to get out when hundreds are on the move"
What business model provides more security for my future cash flow - China/Asia and its booming indigenous growth or EKs overcapacity, subsidized competition, low oil and Trump.
The stars are not aligning