Southwest pilots approve new five-year contract

Southwest Airlines said on Monday its pilots approved a new labor agreement, which will offer about a 50% pay raise over a five-year period. About 11,000 pilots affiliated with the Southwest Airlines Pilots Association had been negotiating for better pay, retirement benefits, disability insurance and a revised scheduling process after the contract ended in September 2020. About 93% of the votes cast were in favor of the new $12b contract, the union said in a statement. Pilots at the Dallas-based carrier will get a 29.15% pay raise immediately and a hike of 4% each in 2025, 2026 and 2027. The agreement provides for a 3.25% gain in wages in 2028. Carriers are offering bumper contracts to attract and retain pilots as travel rebounds after the pandemic. Last year, pilots at United Airlines Holdings ratified a contract with cumulative increases in wages ranging between 34.5% and 46% over four years, as well as other benefits, following deals at American Airlines and Delta Air Lines.<br/>