FWIW, as a just turned second year FO, September's paycheck was 98:11 credit, 363 hours per diem. That's $3,470 hourly and $545 in per diem, for a total compensation of $4,015. Either include or don't include per diem based on how you eat on trips. I save it; others eat like rock stars.
Obviously, I bid to work that month. Looking back I only had 13 days off. It sucked. The pay was welcome though. Regional pilots generally work more than their major counterparts.
As far as timing out goes, I FAR blocked 88 hours, so I really wouldn't be in too much danger of timing out. And who cares if I do - I still get paid for my line if I time out in Dec and guarantee if I time out in Nov (full pay in Nov and guarantee for Dec). The only thing I wouldn't get is per diem (although I hear skywest doesn't pay you if you time out...).
I know what all of you are thinking, can this trend continue? I bid to NOT work in October and ended up going to work 3 days with a gross for that month including per diem of $2,830 and $105 for per diem ($2,935). People junior to me were getting lines with 95 hours credit though. So I would say yes if you are willing to work. Once you get a little senority I don't think the pay is 'horrible' but you do have to be willing to work for it.
Base pay on second year salary is just $32k/yr here. Although show me a job where you can be on 2-day callout 14-15 days/month, not work a single one, and still pull $32k

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The pay isn't my
main concern - it's the industry upset that puts us each against each other. Without any kind of "real" job security I am scared my job will be gone one day. I am also scared that I will be a 5 year FO, and then the company will come crashing down a la Mesaba. While I have better job security than some areas of aviation do (say supplmental 121, charter, some 91 jobs) it still isn't great, and in 8 years the US Air contract is up. Where will my company and the rest of the industry be then? Who knows.