Delta Pilot Leader Cites Pay Gains
Lee Moak, chairman of the Delta chapter of the Air Line Pilots Association, noted that on Jan. 1, the carrier's pilots will get a 4% raise. The raise marks a milestone, he said, because it will mean that, for the first time, "pay rates will be above those that were in place when Delta filed for bankruptcy protection in 2005," five years ago this month.
In addition, Moak noted, contract improvements that take effect Jan. 1 also mean that Delta's contribution level to the pilots' retirement plan will increase to 13%.
The main point of Moak's letter is that for pilots to win, airlines must win too. In a dramatic change that has taken place during 2010, that philosophy has come to dominate pilot thought in the airline industry, particularly as contentious, conflict-driven union leadership teams have been replaced at United (UAUA) and more recently, at American (AMR), where Dave Bates took over in July as president of the Allied Pilots Association.In his letter, Moak summarizes his approach, quoting Sun Tzu, an ancient Chinese warrior and author of The Art of War, as saying: "It is the unemotional, reserved, calm, detached warrior who wins, not the hothead seeking vengeance and not the ambitious seeker of fortune." "Even with continued economic uncertainty, Delta may finally be tracking in the right direction," Moak wrote. "Our airline posted a record profit last quarter, and analysts are predicting a solid third-quarter performance as well. Block hours are increasing, we are hiring pilots and barring some major Black Swan event, profit sharing is on the horizon for the first time since 2007." -- Written by Ted Reed in Charlotte, N.C. >To contact the writer of this article, click here: Ted Reed
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV