FORT WORTH, Texas (AP) — American Airlines and labor unions representing mechanics, baggage handlers and other ground workers said Friday they reached agreement on a two-year contract extension that includes double-digit pay increases.
The agreement covers 34,000 employees who are represented by the Transport Workers Union and the International Association of Machinists and Aerospace Workers.
The TWU said top-scale wages would increase 12% to 15% on Jan. 1 and 18% to 26% over the term of the extension.
The unions did not say when workers will vote on ratification. The extension would run through 2026.
The agreement would raise American's labor costs but bring it a longer period of stability with its workforce. Union flight attendants recently ratified a contract that includes cumulative pay raises of up to 36% over five years. Last year, pilots approved a pact that boosts pay more than 40% over four years.
John Samuelsen, international president of the Transport Workers Union International, said the unions avoided repeating a 2019 confrontation, when American sued the two unions, claiming they were conducting an illegal work slowdown to gain leverage in contract negotiations.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.