There are people in Aer Lingus earning less than the lowest paid in the civil service and are taking big pay cuts as well. Thats what happens when your employer is running at a loss.
Maybe, but the workers are getting a redundancy payment and then they are being taken back on on lower pay and conditions.
I worked for a company a number of years back and something similar happened. The company sold one of the production plants and the staff were made redundant but taken back on with less pay. They were given access to finiancial experts on how to use their redundancy lump sum eg. investment or paying off mortgage. This eased the financial situation for them.