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Continental agrees with pilots on buyout offers
June 25, 2008 10:24 AM ET
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HOUSTON (AP) - Continental Airlines Inc., which is trying to cut 3,000 jobs, has agreed to offer voluntary leaves of absence to pilots who agree to leave the company's work force.
Union officials hope the agreement will reduce the need for layoffs.
"If we get the levels of participation we are hoping for, it would have a significant impact on the involuntary furloughs of our junior pilots," Mark Adams, a union spokesman, said in Wednesday's editions of the Houston Chronicle.
Union officials said pilots who take voluntary leave for a minimum of 18 months would keep their benefits. They said the incentives are aimed at pilots who are eligible for retirement.
Houston-based Continental announced recently that it will cut 3,000 jobs, ground 67 jets and reduce flights to counter high fuel costs.
Continental has offered unionized workers with at least 10 years experience a year's worth of health insurance and travel perks until 2023, if they leave on their own. The pilots, affiliated with the Air Line Pilots Association, wanted a separate deal.
Continental shares rose 26 cents, or 2.2 percent, to $12.10 in morning trading.
© 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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How many layoffs were they looking at before the news of the buyout. Keep us posted on how this goes...and good luck.
June 25, 2008 10:24 AM ET
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All Associated Press newsHOUSTON (AP) - Continental Airlines Inc., which is trying to cut 3,000 jobs, has agreed to offer voluntary leaves of absence to pilots who agree to leave the company's work force.
Union officials hope the agreement will reduce the need for layoffs.
"If we get the levels of participation we are hoping for, it would have a significant impact on the involuntary furloughs of our junior pilots," Mark Adams, a union spokesman, said in Wednesday's editions of the Houston Chronicle.
Union officials said pilots who take voluntary leave for a minimum of 18 months would keep their benefits. They said the incentives are aimed at pilots who are eligible for retirement.
Houston-based Continental announced recently that it will cut 3,000 jobs, ground 67 jets and reduce flights to counter high fuel costs.
Continental has offered unionized workers with at least 10 years experience a year's worth of health insurance and travel perks until 2023, if they leave on their own. The pilots, affiliated with the Air Line Pilots Association, wanted a separate deal.
Continental shares rose 26 cents, or 2.2 percent, to $12.10 in morning trading.
© 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Back to Recent News
How many layoffs were they looking at before the news of the buyout. Keep us posted on how this goes...and good luck.
