The International Brotherhood of Teamsters Airline Division approves
new contract providing industry-leading pay, job protections, and
quality of life improvements
INDIANAPOLIS--(BUSINESS WIRE)--Oct. 27, 2015--
Republic Airways Holdings Inc. (NASDAQ/NM:RJET), announced that the
International Brotherhood of Teamsters’ (IBT) Local 357, which represent
the approximately 2,100 pilots of Republic, have voted by a margin of
76% to ratify a new three-year contract, with approximately 85% of the
eligible pilots voting.
“Today’s ratification by the IBT represents a significant positive step
forward for our pilots and our airline,” said Matt Koscal, Republic vice
president of human resources. “The new contract recognizes the
importance of our pilots in our future success and it gives us a strong
foundation on which to rebuild our operation and to move forward with
the restructuring of our airline.”
“Our pilot members have more than earned this industry-leading contract
that reflects their significant contributions to Republic and the
airline industry.” said Capt. David Bourne, IBT Airline Division
Director. “We now look forward to creating the best future possible for
our members at Republic and throughout the airline industry.”
The three-year agreement becomes effective on or about November 1. The
agreement invests approximately $50 million a year on average over the
three-year duration of the new agreement, including both the
ratification bonus and the anniversary bonus. The new agreement includes
significant improvements in work rules and pilot quality of life.
Additionally, it establishes pay rates that recognize Republic’s pilots
as leaders in the regional airline industry, including a
transformational $40/hr first year new hire rate.
Koscal continued, “We still have many challenges to overcome to achieve
a successful consensual restructuring of our business, but today’s
positive outcome helps move this process forward in full alignment with
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Source: Republic Airways Holdings Inc.
Republic Airways Holdings Inc.
Bob Birge, 317-471-2808