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Here Comes The Wage Inflation To Support Further Hpi

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Don't look now Bulls :lol:

BA Pilots Offered Shares For Pay Cut Deal

6:31am UK, Thursday June 18, 2009

British Airways pilots have been urged to accept a pay cut in return for shares in the company.

Balpa is recommending the package to its members

The airline has reached a deal with the British Airline Pilots Association (Balpa) which will save it around £26m.

Under the plans, pilots will see their pay cut by 2.61% - worth around £2,000 - and will take a 20% cut in flying time allowances.

Up to 78 British Airways pilots, out of the total of 3,200, will lose their jobs as part of the agreement.

If the pilots accept the deal, they will benefit from a long-term incentive scheme, Balpa said.

In June 2011 they will be eligible to receive BA shares worth £13m if certain company targets are achieved.

However, they will have to hold the shares for three years, until June 2014, when they will be free to sell them.

Balpa general secretary Jim McAuslan said: "This is a unique agreement. We have always said that as a union we would share the pain if our members shared in the gain."

He added: "But BA pilots by themselves will not deliver the change needed to see BA through this downturn. We hope that everyone in the company will do their bit so that we all come through fit to thrive in this toughest of market."

BA has asked its staff to consider working for free for part of the time in the coming months or take unpaid leave as part of what chief executive Willie Walsh has called a "fight for survival".

A BA spokesman said: "We are pleased that we have reached an agreement with Balpa and that it will recommend the proposals to its pilot members in a forthcoming ballot.

"The proposal involves a combination of reduced pay, increased productivity and some long term structural changes in how pilots are rewarded."

The deal will be put to the vote of all BA pilots who are members of Balpa over the next few weeks.

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