US Airways Pilots Approve Deal
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ARLINGTON, Va. (AP) _ US Airways pilots agreed to give up some job security under a tentative, cost-cutting move reached Saturday with the financially struggling company.
US Airways agreed to a minimum fleet size of 275 aircraft, said Roy Freundlich, a spokesman for the Air Line Pilots Association.
The company also agreed to keep its planes flying for at least 934,400 hours a year _ or 832,200 hours in case of bankruptcy.
Freundlich said the new contract would allow the company to lay off pilots purely for financial reasons.
``We think that the reduction in job security is an unfortunate consequence of the company’s financial situation,″ Freundlich said.
US Airways and the pilots’ union already had agreed on several issues earlier this week, including giving the pilots a 20 percent stake in the airline in exchange for $465 million in annual wage cutbacks. US Airways had initially sought a $595 million cutback over a 7 1/2-year period.
US Airways has been trying to wring $950 million in cost cuts from its 35,000 employees as part of a restructuring plan designed to stave off bankruptcy.
Freundlich said he expects the pilots to ratify the plan on Aug. 8.