I think the FO should, as a new hire and always, be held to the same flight standards as the CA (ATP standards). If he can't, he shouldn't be hired. CA's get paid for being PIC. Flying is the easy part of the job. The CA is getting paid for his responsibility. The FO is getting paid to fly. The FO and CA should be flying at the same level. The difference is that the CA will have more experience and is in command.

If you think you should be paid like a captain for basic ATP flight standards, you are in the wrong business.