UPS Pilots Union Agrees to Cost Cuts, Avoids Layoffs - Bloomberg
United Parcel Service Inc., stung by tumbling demand for air package shipments, said its pilots union agreed to $131 million in concessions during the next three years to avoid layoffs of as many as 300 of the group’s members.
The Independent Pilots Association, which represents aviators at world’s largest package-delivery company, agreed to short- and long-term leaves of absence, job sharing, reductions in flight pay guarantees and early retirement to lower costs, UPS and the union said today in a joint statement.
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