INDIANAPOLIS--Airliner ATA's pilots and flight engineers have voted to approve a three year contract that will save the bankrupt airline 84-million dollars.
Salaries under the new agreement will remain at 18-percent below 2003 contract rates. Salaries will gradually rise to seven percent below 2003 rates by the end of 2008.
The pilots and engineers also give up some health care and retirement benefits and concede to some changes in work rules. In exchange for the concessions, the pilots and engineers will receive stock options based on the value of the airline once it emerges from bankruptcy.
The agreement also calls for hourly rate increases it ATA's pre-tax profits exceed five percent.
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