Manufacturing Industry
United Airlines announces non-union pay cuts
Airline Industry Information, Dec 14, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
United Airlines' parent company UAL Corp has announced pay cuts for non-union employees as part of its efforts to make labour cost savings in bankruptcy.
Some 8,500 employees will have their wages reduced, with salaried employees taking a 4% cut in pay, management employees taking a 6% reduction and officers an 8% reduction. Executives, including CEO Glenn Tilton, will have their pay cut by 11%.
The salary reductions, together with benefit changes and productivity enhancements, are designed to help the company save USD112m per year.
Pay will be cut from 1 January 2005, when an additional 4% temporary salary reduction will also take effect. This temporary pay cut will last until United Airlines emerges from bankruptcy.
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