{"id":11411,"date":"2023-05-20T12:24:37","date_gmt":"2023-05-20T16:24:37","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/american-airlines-pilots-reach-tentative-agreement-on-new-contract\/"},"modified":"2023-05-20T12:24:38","modified_gmt":"2023-05-20T16:24:38","slug":"american-airlines-pilots-reach-tentative-agreement-on-new-contract","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11411","title":{"rendered":"American Airlines pilots reach tentative agreement on new contract"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: An American Airlines Airbus A321-200 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. REUTERS\/Mike Blake\/<\/span>
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By Rajesh Kumar Singh and Allison Lampert<\/p>\n

CHICAGO (Reuters) -American Airlines pilots have agreed in principle on a new contract that boosts their pay by 21% in 2023, sources told Reuters on Friday, ahead of a busy summer travel season, after years of negotiations with the largest U.S. carrier.<\/p>\n

The Allied Pilots Association (APA), which represents over 13,000 pilots at Texas-based American, said on Friday it will move forward with completing contractual language before presenting the contract to its board for an approval.<\/p>\n

However, the union did not share contract details.<\/p>\n

American did not quantify the contract value but said it provides pay and profit sharing that match the top of the industry with improved quality-of-life provisions.<\/p>\n

Under the tentative agreement, American pilots would get a 21% pay increase in 2023, a pay increase of 5% in the second year and 4% a year during the following two years of the deal, three sources with direct knowledge of the matter said.<\/p>\n

The sources said the contract lasts four years with pay rates comparable to those secured by pilots at Delta Air Lines (NYSE:).<\/p>\n

Pilots would also get an additional 3% raise in 2027 when the proposed contract becomes amendable, added the sources who spoke under condition of anonymity as the details are not yet public.<\/p>\n

American’s contract includes improvements on scheduling, a critical issue for pilots seeking better work-life balance in a profession that often requires them to be away for days from their families, they said.<\/p>\n

The previous contract came up for renewal in 2020. Last year, the pilots turned down an offer that included a 19% pay hike over two years.<\/p>\n

Industry officials say Delta’s pilot contract has become a new benchmark for contract negotiations in North America. It is fueling demands for higher wages at Canadian carriers, whose pilots want to narrow the pay gap with their U.S. counterparts.<\/p>\n

American had estimated that matching Delta’s deal would cost it about $8 billion over four years.<\/p>\n

Delta’s pilots in March ratified their contract which includes over $7 billion in cumulative increases in pay and benefits over four years.<\/p>\n

It underscores pilots’ bargaining power as airlines rush to boost staff numbers ahead of what is shaping up to be a busy summer travel season.<\/p>\n

American, Delta, United Airlines and Southwest Airlines (NYSE:) are estimated to hire about 8,000 pilots this year.<\/p>\n

Analysts at Jefferies estimate the United States is short about 10,000 pilots. This supply-demand gap is projected to last until 2027. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: An American Airlines Airbus A321-200 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. REUTERS\/Mike Blake\/ By Rajesh Kumar Singh and Allison Lampert CHICAGO (Reuters) -American Airlines pilots have agreed in principle on a new contract that boosts their pay by 21% in […]<\/p>\n","protected":false},"author":1,"featured_media":11412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-11411","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAmerican Airlines pilots reach tentative agreement on new contract | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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