tcook052
May 1, 12, 3:52 pm
http://www.canadianbusiness.com/article/82342--air-transat-reaches-deal-with-pilots-that-ties-wage-increases-to-profits
MONTREAL - Air Transat has reached a "concession" agreement with its 420 pilots that defers wage increases and ties them to reaching undisclosed profit targets in 2015.
Under an agreement approved in 2010, pilots were slated to earn annual wage increases through 2014.
Three years of scheduled increases will now be deferred into lump-sum payments upon the agreement's expiry on April 30, 2015. But payments are conditional on the attainment of "certain financial targets."
In addition, incentives available to pilots would be deducted from any final payments.
MONTREAL - Air Transat has reached a "concession" agreement with its 420 pilots that defers wage increases and ties them to reaching undisclosed profit targets in 2015.
Under an agreement approved in 2010, pilots were slated to earn annual wage increases through 2014.
Three years of scheduled increases will now be deferred into lump-sum payments upon the agreement's expiry on April 30, 2015. But payments are conditional on the attainment of "certain financial targets."
In addition, incentives available to pilots would be deducted from any final payments.