Key takeaways
- United Airline pilots voted overwhelmingly in favor of a new contract valued at $10.2 billion, the largest ever signed by a U.S. airline.
- The four-year deal increases total compensation by up to 40.2%.
- United joined American Airlines and Delta Air Lines in reaching a deal with their pilots, leaving Southwest as last of the four most large American unmanned carriers.
Pilots of United Airlines (UAL ) approved a new contract valued at $10.2 billion, the largest ever. American airline in history.
The four-year agreement provides for a cumulative increase in total compensation of up to 40.2%. The Airline Pilots Association, International Union (ALPA) explained that 82% of United's 16,000 pilots voted for it, and 97% voted for it.
ALPA indicated that The agreement includes “an industry-unprecedented wage increase,” as well as “improvements to quality of work life and work rules, sick leave and vacation time, as well as improvements to workplace standards, sick leave, and vacation time.” an increase in retirement benefits.
It came into effect on Friday and runs until #39;as of September 30, 2027.
United joined rivals American Airlines (AAL) and Delta Air Lines (DAL) in signing new contracts with its pilots this year, leaving Southwest Airlines (LUV) as the last of the four largest U.S. carriers to reach an agreement .
The actions of United Airlines Holdings were little changed.
Source: investopedia.com