looseca
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NEW YORK, May 20 (Reuters) - No. 7 U.S. carrier Southwest
Airlines Co. (NYSE:LUV - News) has offered pilots an interim contract that includes a pay raise of at least 20 percent over the next two years, the Wall Street Journal reported on Monday.
Southwest Airlines also offered to extend the current contract for two years beyond the September 2004 date when it opens for amendment, the report added.
The firm, which unlike other major airlines has posted profitable results in recent quarters as the industry still deals with the effects from the Sept. 11 attacks, has been negotiating for over a year to narrow the gap between what its pilots get paid and what competition pays to its staff.
The Journal said the interim deal with Southwest pilots include guaranteed and profitability-based raises in 2005 and 2006.
"We want to be industry average in pay but industry leading in pay and (stock) options combined," Jon Weaks, president of the Southwest Airlines Pilots' Association, was quoted as saying by the Journal.
Southwest officials were not immediately available for comment. The Journal said the pilots received the offer as a result of a 12-hour meeting Thursday with company's management.
Last week, the company's Chief Financial Officer Gary Kelly told Reuters Southwest was seeing a window of opportunity that could result in delivery of more planes in 2003 than are now on tap.
Airlines Co. (NYSE:LUV - News) has offered pilots an interim contract that includes a pay raise of at least 20 percent over the next two years, the Wall Street Journal reported on Monday.
Southwest Airlines also offered to extend the current contract for two years beyond the September 2004 date when it opens for amendment, the report added.
The firm, which unlike other major airlines has posted profitable results in recent quarters as the industry still deals with the effects from the Sept. 11 attacks, has been negotiating for over a year to narrow the gap between what its pilots get paid and what competition pays to its staff.
The Journal said the interim deal with Southwest pilots include guaranteed and profitability-based raises in 2005 and 2006.
"We want to be industry average in pay but industry leading in pay and (stock) options combined," Jon Weaks, president of the Southwest Airlines Pilots' Association, was quoted as saying by the Journal.
Southwest officials were not immediately available for comment. The Journal said the pilots received the offer as a result of a 12-hour meeting Thursday with company's management.
Last week, the company's Chief Financial Officer Gary Kelly told Reuters Southwest was seeing a window of opportunity that could result in delivery of more planes in 2003 than are now on tap.
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