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United Airlines (Nasdaq: UALIts pilots have reached terms on a new four-year business deal after four years of hard bargaining.
The Airline Pilots Association would need to ratify the deal, but the union estimated it to be worth about $10 billionIt includes increases for pilots of up to 40% over four years, as well as job security guarantees and retirement benefits – stressing some of the airlines’ workforce, amid rapidly rebounding revenues.
The union said it would put United pilots on a par with those of Delta Air Lines (DAL), whose pilots also represent ALPA.
It’s a “historic agreement,” said union president Garth Thompson, and United CEO Scott Kirby said: “We promised our global pilots the industry-leading contract they deserve, and we’re delighted to have reached an agreement with ALPA on it.”
The pilots are scheduled to start voting on the contract on July 24.
United Airlines (UAL) is set to report earnings on Wednesday, with Wall Street estimating that the company will post earnings per share of $4.05 on revenue of $13.93 billion (an annual increase of 15%).