CO pilots vote for concessions

[vc10]

Tighter than one might expect given how bad the environment is --- 58.38% vote for concessions.

 

[Cardinal]

It is Wednesday, Mar. 30, and this is Capt. Jay Panarello with a Special MEC Chairman's Update.

I am pleased to announce that Continental pilots have voted to ratify the Tentative Agreement. The certified results show that of the 93 percent of the eligible 3,948 pilots who voted, 58 percent (2,139) voted FOR the Agreement while 42 percent (1,525) voted against the Agreement.

Because the contract contains a clause that allows the MEC to reject the Agreement if any other Continental employee group fails to approve and implement their respective concessionary agreement in a timely manner, implementation of the new pilot contract remains pending. Your elected leadership remains in session, awaiting the voting results from Continental's other labor unions.

Yesterday, your elected leadership passed a resolution determining the allocation of Stock Options granted under the terms of the new Agreement. A copy of the resolution was blastmailed and is posted on our website.

We will continue to keep you informed on the latest news and information as developments occur. Meanwhile, we continue posting daily updates from this week's MEC Meeting.

That's it for now. I'll talk to you again on Friday - sooner, should breaking events dictate.

Thank you for your continued professionalism and support.

Good day.

Have fun deadheading.

 

[white E]

Let The Hiring Begin!

-w-

 

[jbDC9]

I guess it should come as no surprise that this freakin' thing passed, what with all the scare tactics involved, both from the company and the companyunion. So, there they (MEC & NC) were at the IAH roadshow, claiming "we're not trying to sell this thing, just letting you know the facts..." So why is it then that in the last week I've received 4-5 postcards from our MEC giving it the hard sell? I wonder just who the hell our union is working for anyway?

And so it goes. We'll be bent over taking it in the ass until 2009/10... at which point we'll still be 5% BELOW our Contract '97 rates. Super duper. I feel like I should go have a nice puke now, but I'm just a bit too pissed for that...

 

[LJDRVR]

Just out of curiosity, did you guys get anything in the way of wage snapbacks if the situation improves? Or is it just stock options?

This whole thing is nothing but mixed feelings. On one hand, I'm happy to see XJT pilots continuing to move over creating movement above me, on the other hand, nobody in the industry likes to see this particular type of *sandwich* foisted off on our fellow pilots.

It would be really nice to see some airline management that realized the best way to take care of the customer and the shareholder is to concentrate on doing the right things by your employees and making sure they have a secure place to work and a job they love. In other words, not building the company on the backs of the workers. (Wait a minute, there is management like that, just not at the legacy carriers.)

Sorry you guys got stuck with this one. You deserve better.

 

[jbDC9]

Just out of curiosity, did you guys get anything in the way of wage snapbacks if the situation improves? Or is it just stock options?

Oh yeah man, we got a big-ass snapback on this thing. Let's see now... hourly wage takes an 8.9% cut. In July '07 we get back 2%... but wait, it gets better! In July '08 we get another 2% back! How sweet is that?? So at the end of it we're still 5% short of where we started. Nice. There's stock options and profit sharing, blah blah blah... which I really don't give a sh!t about, I'd rather have the pay rates restored... or even increased. A bit of $$ to cover inflation might be nice. Oh well, inflation from 1997 to 2009/10 couldn't be that bad... could it?

btw, I voted no.

 

[SuperFLUF]

Just out of curiosity, did you guys get anything in the way of wage snapbacks if the situation improves? Or is it just stock options?........

In addition to the stock equity there are several variable compensation items. Annual profit sharing bonuses (EBITDAR profit) , additional B fund contributions & 401K contributions, all variable based on profits. If the company makes 500 mil (the amount of concessions so the same as breaking even today) the pilot variable compensation is supposed to return the 9% pay cut, more than that means more in the short run but the variable compensation % declines in the out years.

There are no real wage snap backs only 2% increases in '07 & '08 that may only cover inflation if it stays that low. So hourly rates will be 4.9% less on the amendable date than they are today.

 

[hotwing]

???

.....