Southwest Pilots Fire Back at Company's Push to Cut Pay
The union representing pilots at Southwest Airlines (NYSE: LUV) is pledging to fight a plan by the airline to cut pay by 10%, setting up a showdown with management as the airline tries to cut costs and outlast the COVID-19 pandemic.
Southwest and other airlines are coping with a pandemic-induced slump in travel demand and subsequent decline in revenue. The airline so far has been able to avoid furloughs thanks to a combination of federal assistance provided under the CARES Act and workers taking voluntary leave. But CEO Gary Kelly last week warned that workers will need to "sacrifice more" if furloughs are to be avoided in 2021.
Image source: Southwest Airlines.
Source Fool.com