It is and it even has a name - seniority. Sometimes that credit (just another word for "time value for work") is negative (a pilot with X years of longevity can't even hold the job he had as a new hire), sometimes it's neutral (a pilot with Y years of service can only hold the same job as he held as a new hire) and sometimes it's very positive (a pilot with Y years longevity can hold a lot better job than was possible as a new hire).
For proof, just look at the percentage of former furloughed East pilots that returned. Some of those discovered that they had more "credit" for less years at a different employer than they would have at US with more years.
It still boils down to the same thing - East is entitled to more credit for years worked because West got more credit for their years worked.
Jim