American Airlines Group Inc.’s stock climbed higher Monday after pilots ratified a new contract with the airline. Pilots voted 72.7% in favor with more than...
American Airlines Group Inc.’s AAL, +0.83% stock climbed higher Monday after pilots ratified a new contract with the airline. Pilots voted 72.7% in favor with more than 95% of eligible pilots voting, according to the Allied Pilots Association, which represents 15,000 American Airlines pilots. Under the new four-year contract, pilots get about $1.
1 billion in “immediate, one-time payments and ratification bonuses; annual pay rate increases for the contract’s duration; and enhancements to various benefits and work rules,” the union said. In total, the new contract secured more than $9.6 billion in added funding over the prior one, the union said. Pilots, on average, will see a pay raise of more than 21%, and combined with increases, compensation could rise more than 46% over the four years of the contract.
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