{"id":36747,"date":"2023-07-17T10:39:54","date_gmt":"2023-07-17T14:39:54","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/united-airlines-agrees-to-raise-pilot-pay-by-up-to-40-the-stock-is-rising\/"},"modified":"2023-07-17T10:39:56","modified_gmt":"2023-07-17T14:39:56","slug":"united-airlines-agrees-to-raise-pilot-pay-by-up-to-40-the-stock-is-rising","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36747","title":{"rendered":"United Airlines Agrees to Raise Pilot Pay by Up to 40%. The Stock Is Rising."},"content":{"rendered":"
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\n United Airlines
\n pilots are in line for a bumper pay rise of up to 40% after the carrier reached an agreement in principle with the pilots\u2019 union.<\/p>\n

The agreement, which still needs to be ratified by pilots, will increase pay rates by 34.5% to 40.2% over four years, and is worth an estimated $10 billion in value, the Air Line Pilots Association (ALPA) said Saturday.<\/p>\n

\n

Airlines have been negotiating new contracts over the past 18 months, with many pilots still on prepandemic 2016 pay levels. A shortage of aviators, along with surging travel demand since the Covid-19 pandemic, has strengthened pilots\u2019 negotiating position and helped secure bumper deals.<\/p>\n

While United\u2019s (ticker: UAL) tentative deal means most major carriers, with the notable exception of
\n Southwest Airlines
\n (LUV), have reached some sort of agreement, the industry\u2019s long-running saga over new pay contracts isn\u2019t over just yet.<\/p>\n

\n American Airlines
\n (AAL) pilots will begin voting on their preliminary agreement later this month. The pilots will undoubtedly have one eye on United\u2019s deal when considering whether to ratify their new contract. Offers from rivals have led to airlines increasing their own pay proposals on several occasions over the past year or so.<\/p>\n

\u201cAmerican Airlines stated that it would match its peers\u2019 pilot agreements\u2014as such, it is unclear whether any aspect of this [United\u2019s] agreement in principle could lead American Airline to sweeten its offer,\u201d
\n Citi
\n analysts, led by Stephen Trent said.<\/p>\n

Southwest\u2019s pilots moved closer to strike action last month when the
\n Southwest Airlines
\n Pilots Association asked to be released from federal mediation. The union said 99% of its pilots voted to authorize a strike in May.<\/p>\n

\n Delta Air Lines
\n \u00a0set a high bar earlier this year when it agreed to increase wages by 34% over three years, which has put pressure on its rivals.<\/p>\n

United has seemingly responded, with a much improved offer from the 14.5% pay rise over 18 months that was rejected in November.<\/p>\n

The agreement includes improvements to quality of work-life balance, job security, work rules, retirement and benefits, ALPA said in a statement.<\/p>\n

\u201cWe promised our world-class pilots the industry-leading contract they deserve, and we\u2019re pleased to have reached an agreement with ALPA on it,\u201d United CEO Scott Kirby said in a post on LinkedIn.<\/p>\n

\u201cAlthough many details are unknown at this time, including pay increases by aircraft type, adjustments to lifestyle benefits, etc\u2026, this agreement would seem to at least lower the temperature around the carrier\u2019s labor negotiations,\u201d Citi\u2019s Trent said.<\/p>\n

United stock rose 0.2% ahead of the open Monday.<\/p>\n

The issue of increased labor costs has lessened in investors\u2019 minds in recent months, as fuel costs have fallen sharply and as travel demand has remained strong into the summer months\u2014boosting the sector\u2019s stocks.<\/p>\n

But the weeks ahead are crucial for several airlines as they look to lock in pay deals and provide some sort of certainty over labor costs in the medium term. The longer it goes on, the more likely the carriers will have to pay more for labor.<\/p>\n

Delta\u2019s bumper pay deal, ratified in March, is looking better by the day.<\/p>\n

Travelers endured another weekend of disruption as more than 1,700 flights into, out of, and within the U.S. were canceled Sunday due to severe weather in the Northeast. Hundreds of flights were canceled at Newark Liberty International, John F. Kennedy, LaGuardia, and Boston Logan airports, according to flight-tracking website FlightAware.com.\u00a0<\/p>\n

\n JetBlue Airways
\n (JBLU), which has a strong presence in the Northeast, was the worst affected airline, canceling 322 flights, or 31% of its schedule, and delaying a further 485.<\/p>\n

Cancellations continued into Monday morning, albeit to a lesser extent. Around 280 flights were canceled as of 8 a.m. Eastern time, with JetBlue canceling 73 flights, or 7% of its schedule.<\/p>\n

Write to Callum Keown at callum.keown@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

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

United Airlines pilots are in line for a bumper pay rise of up to 40% after the carrier reached an agreement in principle with the pilots\u2019 union. The agreement, which still needs to be ratified by pilots, will increase pay rates by 34.5% to 40.2% over four years, and is worth an estimated $10 billion […]<\/p>\n","protected":false},"author":1,"featured_media":29155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-36747","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nUnited Airlines Agrees to Raise Pilot Pay by Up to 40%. 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