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TexasTowelie

(110,383 posts)
Fri Aug 5, 2016, 01:49 PM Aug 2016

American Airlines hands out double-digit pay raises to 30,000 workers [View all]

Source: Dallas Morning News

Nearly a third of American Airlines’ workforce woke up to a happy surprise Friday morning -- they’re getting raises worth 15 percent to 55 percent, effective immediately, that will give them the highest hourly rates of the major U.S. network carriers.

The deal announced between the Fort Worth-based airline and the TWU-IAM Association covers 30,000 mechanics and ground workers who are currently in negotiations for a new contract. It's expected to cost American an additional $195 million through the end of the year, according to a filing with the U.S. Securities and Exchange Commission.

After years of stagnant wage growth following a decade of bankruptcies and mergers, carriers have enjoyed sky-high profits in recent years -- American earned $950 million in its most recent quarter -- largely due to low fuel costs. Some of those earnings have been returned to workers through new labor contracts.

While pay increases of 20 percent or more aren't unheard of in the industry, they're usually spread out over multiple years of the contract.

Read more: http://www.dallasnews.com/business/airline-industry/20160805-american-airlines-hands-out-double-digit-pay-raises-to-30000-workers.ece

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