Indianapolis-based Republic Airways Holdings Inc. (Nasdaq: RJET) and the union representing approximately 2,100 of its pilots have agreed to a new three-year labor contract. The airline says the agreement includes "significant improvements" in work rules and quality of life for pilots.
Republic says members of the International Brotherhood of Teamsters’ Local 357 approved the deal by a margin of 76 percent, with about 85 percent of eligible pilots voting.
The airline says the deal includes a "transformational" $40 per hour first year new hire rate. The contract takes effect November 1.
In a release from Republic, Vice President of Human Resources Matt Koscal said, "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 our pilots."