• From The BBC:

    British Airways pilots have voted overwhelmingly to accept a 2.6% pay cut, the British Airline Pilots’ Association (Balpa) has announced.The cut is designed to save the troubled airline up to £26m a year in running costs. In return for the cut, the pilots will receive shares in BA. BA has been striving to cut costs in the recession. In May, it reported a record annual loss of £401m. It has asked thousands of employees to take pay cuts or work for nothing. ‘Necessary step’More than 90% of pilots accepted the deal, which also involves a reduction of 20% in certain allowances. Pilots currently earn between £24,000 and £110,00 a year, with the average salary about £80,000.
    Collectively, they will receive shares in the airline in three years’ time, worth £13m, as part of the deal. “We have pressure-tested the company’s trading position and cost base and are satisfied that this step is necessary to help BA recover its position as one of the world’s most s…

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    Posted by Jon @ 7:13 pm

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