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The Worldwide Affiliation of Machinists and Aerospace Staff (IAM) stated its members “overwhelmingly ratified” a brand new settlement with Southwest Airways (NYSE:LUV) on Thursday.
The union, which represents over 8,300 staff primarily in customer support, stated the new five-year contract offers its members a 13.1% wage improve as of Thursday and a 25.1% basic wage improve over the following 4 years. The deal additionally features a “me too” clause to ensure industry-leading wages in addition to greater bonuses.
“IAM members at Southwest Airways stood collectively in solidarity to get the perfect deal within the airline {industry},” stated IAM Air Transport Territory Normal Vice President Richie Johnsen. “We have been targeted on securing an settlement that might make our members at Southwest Airways the highest-paid staff within the airline {industry}. Ratifying this historic deal was good for our members and the purchasers who belief and fly Southwest Airways.”
The union added that work/life stability enhancements have been made alongside extra time protections and “improved trip language.” Particular changes to contract language weren’t disclosed.
Learn extra on Southwest’s transfer to reinstate its dividend.
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