Delta Air pilots vote to take pay cuts and reduced hours to avoid furloughs until 2022, a media report says.
The 1,713 Delta pilots, who were expected to be furloughed on Nov. 28, will now receive a partial pay of 30 hours a month along with medical benefits and vacation accrual, while they stay off their jobs. "I don't think there is any better way to welcome in the Thanksgiving season than with the achievement of protecting all our pilots from furlough," Delta's head of flight operations John Laughter said in a memo addressed to employees. The airline industry has been hit hard by the coronavirus outbreak that brought travel to a near halt, with Delta and other airlines left scrambling to cut costs and boost liquidity as sales plunged.
The vaccine-inspired rally in airline stocks continued on Tuesday, with industry shares soaring on talk the first COVID-19 vaccine will soon be deployed. American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) traded up as much as 10% on the day, while shares of Spirit Airlines (NYSE: SAVE) climbed more than 8%, and Delta Air Lines (NYSE: DAL), Southwest Airlines (NYSE: LUV), and JetBlue Airways (NASDAQ: JBLU) were each up more than 5% apiece during the trading day.