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United Airlines (NASDAQ:UAL) and its pilots have come to terms on a new four-year labor deal after four years of tough bargaining.
The Air Line Pilots Association will need to ratify the deal, but the union valued it around $10B, and it includes raises for pilots by up to 40% over the four-year span, as well as job security assurances and retirement benefits — underscoring some labor strength at airlines, amid rapidly rebounding revenues.
And the union said it would put United’s pilots on par with those at Delta Air Lines (DAL), whose pilots are also represented by ALPA.
It’s a “historic agreement,” union chair Garth Thompson said, and United CEO Scott Kirby said “We promised our world-class pilots the industry-leading contract they deserve, and we’re pleased to have reached an agreement with ALPA on it.”
The pilots are set to begin voting on the contract July 24.
United Airlines (UAL) is set to report earnings on Wednesday, with Wall Street estimating the airline will post earnings per share of $4.05 on revenues of $13.93B (a 15% year-over-year increase).
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