Fedex Pilots Are About to Get a 10% Raise -- What You Need to Know - Motley Fool
This week, negotiators from the Air Line Pilots Association reached a tentative agreement with FedEx Express to give the latter's pilots an immediate 10% pay raise (effective Nov. 2, 2015 ). Assuming FedEx pilots vote to approve the deal, this raise will be followed by additional raises averaging 3% per year, every year, over the next five years. On top of that, pilots signing onto the new contract will receive lump-sum signing bonuses ranging from $20,000 to $35,000, depending on rank and type of aircraft flown, almost of all which will be disbursed over the next nine months.
At the same time, new hires will see their monthly training pay double during their training periods, from $2,000 to $4,000 per month. And for those thinking about retirement, company-paid contributions to FedEx pilots' defined contribution retirement plans will be also increased by about 2% of salary over the next five years.
This week, negotiators from the Air Line Pilots Association reached a tentative agreement with FedEx Express to give the latter's pilots an immediate 10% pay raise (effective Nov. 2, 2015 ). Assuming FedEx pilots vote to approve the deal, this raise will be followed by additional raises averaging 3% per year, every year, over the next five years. On top of that, pilots signing onto the new contract will receive lump-sum signing bonuses ranging from $20,000 to $35,000, depending on rank and type of aircraft flown, almost of all which will be disbursed over the next nine months.
At the same time, new hires will see their monthly training pay double during their training periods, from $2,000 to $4,000 per month. And for those thinking about retirement, company-paid contributions to FedEx pilots' defined contribution retirement plans will be also increased by about 2% of salary over the next five years.
