Tue, Mar 01, 2005
But Will The Rank And File Go Along?
Negotiators for the
pilots of Continental Airlines, represented by the ALPA, Tuesday
reached a tentative agreement on a 45-month labor agreement with
management that provides job protection, pension protection and
upside protection while affording Continental the pilot cost
savings the company sought to support its business plan.
The tentative agreement is subject to approval by the pilots'
Master Executive Council (MEC), a unit of ALPA. If approved by the
MEC, a ratification vote by the Continental pilot membership will
take place during March.
"Company management set a goal of today to reach an agreement.
This gave the pilots strong leverage to accomplish our goals," said
Capt. Jay Panarello, chairman of the CAL MEC. "This union fought
for our pilots from start to finish. We were willing to help our
company, but only on terms acceptable to the pilots."
The new contract, if ratified, will save Continental more than
$200 million per year, a major portion of the $500 million in cost
cuts management says it needs from employees. In exchange for these
concessions, the pilots gained enhanced pension and job security,
stock options, and a variable compensation plan. The contract
includes a guarantee that the pilots will share in the company's
profits when Continental recovers from its current financial
problems.
The Continental MEC is composed of nine elected local council
representatives working on behalf of more than 4,000 Continental
pilots.
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