As a young FO (only 34) I generally see getting to work 5 more years as a good thing, but I know I don't have the whole picture.
You are 34. I am 35. You may or may not see "getting to work 5 more years as a good thing" 25 years from now. If age 65 passes, then it won't really matter what you think. You will be forced, due to financial reasons, to work five more years to compensate for the time value of money lost as a result of your extended period to upgrade. I don't know about you, but I'd like to have the financial ability to retire at 60, as opposed to having to work until 65 because I haven't been able to build a sufficient retirement nest egg.
Then again, today's growing airlines could be tomorrow's BK queen.
Exactly. What will your airline be doing 25-30 years from now? I don't know either. However, the
greedy senior pilots are pretty certain that their current airline, where they sit atop their respective seniority lists, will still be around for the next five years or so. It's a sure thing for them.
On the other hand, in exchange for giving them the ability to fly an extra five years, the
greedy senior pilots are asking us to finance their extended work lives with a significant delay to our upgrades. AND, on top of that, they are asking us to make the shaky bet that our current airline will still be around to fly for when it comes time for us to work past 60. Tell me again who gets the better deal? It's entirely possible that us FO's could get shafted at both ends in this deal: A) our upgrades are delayed by two to five years with an accompanying large impact on our career savings due to the time value of money, and B) when it comes time at the end of our careers to recoup the money lost due to the slower upgrade, our airline very well might not be around. This is fair how?
Yes, things are complicated and more importantly timing is everything. While, the age 65 does make the rich get richer and the poor get poorer - this if for a limited pilot population.
"Limited pilot population"? You mean, like all of the pilots currently hired at an airline? This effects everyone. The more junior you are, the larger the impact (in general). If you have already upgraded, then it should not effect you at all financially but, depending on your seniority, it could have a large effect on your quality of life. If you are 55-60, then this is pretty much money for you.
There are only three viable solutions to 65 that I can think of:
1) don't do it
2) determine a date after which all pilots hired after that date can work until 65. Write into the legislation or rule that all pilots forced to retire at 60 have hiring preference at their current airline if it is still hiring when they retire. Therefore, virtually all pilots would be able to continue working until 65. The only caveat would be some might have to go over to the FO seat and start over on the seniority list from 60 to 65.
3) raise FO pay rates to eliminate the impact of the delayed upgrade on their career earnings and savings.