Not worth the paper it is written on.
Virtually every single element of any proposed increase comes with a caveat attached.
Bearing in mind his inherent cynicism, in contrast to what the letter claims, all proposed increases need to be unconditional and effective as of now.
Not being a FR pilot though, I suspect he is still endeavouring to dodge the main issue, which is a move to ensure that every pilot working for FR is on a proper FR contract, not some ridiculous quasi-contract, dreamed up for all manner of reasons, but principally to emasculate aforementioned pilot.
You've nothing to fear MOL.
Southwest are doing nicely.