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Alaska Air Group Inc (NYSE:ALK) flight attendants are poised to receive a pay increase of 32% on average as part of a new three-year tentative labor agreement.
The agreement marks a milestone by making boarding pay legally binding for unionized flight attendants.
U.S. flight attendants are typically paid hourly only after the cabin doors close, excluding boarding time, reported Reuters.
“With boarding pay, we achieve significant pay increases,” the union stated.
The new tentative contract comes as pilots and flight attendants across U.S. airlines push for improved pay and benefits following the pandemic, which halted the industry and later led to record profits due to pent-up travel demand.
Related: Justice Department Moves To Charge Boeing Over Fatal Crashes: Report
In February, Alaska Airlines’ flight attendants authorized a strike mandate for the first time in three decades.
The tentative agreement, which helps avoid this potential strike, includes enhanced holiday and overtime pay and 20 months of retroactive pay.
The agreement awaits ratification by the Association of Flight Attendants (AFA) union members. Voting on the ratification of the deal will occur later this month and conclude on Aug. 14. According to the union representing the employees.
Alaska reported first-quarter fiscal-year 2024 revenue growth of 2% year-over-year to $2.232 billion, beating the consensus of $2.19 billion.
Alaska Air has lost more than 25% in the last 12 months. Investors can gain exposure to the stock via U.S. Global Jets ETF (NYSE:JETS) and iShares U.S. Transportation ETF (BATS:IYT).
Price Action: ALK shares closed lower by 0.03% at $39.73 on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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