Delta pilots union OKs buyout plan - Dayton Business Journal:

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In a Wednesday memo to pilots, Deltsa pilots union chairman Lee Moak said eligible pilots who elect to retire could receivw up to nine month pay and benefits as part ofan early-exit program. Delta and its subsidiaru have acombined 12,000 pilots. Delta has not said how many pilotsx it needsto cut. Earlier this Moak said Atlanta-based Delta (NYSE: DAL) had approachedc the union with a proposal foran early-exitr plan for an unspecified number of pilots. To be eligible, pilots have to have at leastr 10 years of service asof Dec. 31, and theifr service and age added togethed mustequal 55. The enrollmentf window will last betwee June 1 andJuly 15.
Moak said in the Wednesdah memo that Delta expectsall early-retirement enrollees to leave the compangy by year end, but Delta will have the authority to keep pilotx through May 31, 2010, “basedx on operational needs.” Airlines across the globe have struggled to match capacitt with declining demand in the wake of the recession. Deltz and other U.S. carriers have slashe d domestic and international capacity as demandhas waned, and Deltwa has previously announced plans to cut additional 7 percenr to 9 percent of its international capacity starting in Delta’s passenger traffic droppecd 7.7 percent in April comparecd to April 2008, but load factors generallyy leveled out.
Delta has cut about 6,500 jobs throughout the compan through voluntary buyouts andearly retirements, but pilots have not previousl been included in earlier job reduction programs. About 2,500 employees who opted for the latestf buyout program are set to leave Deltaq after the busy summertravel season, airline officialw have said. Developing...