After greater than a yr of increasingly contentious negotiations, the pilots are out largest private jet operator have overwhelmingly approved a revised treaty.
Members of the NetJets Association of Shared Aircraft Pilots voted 78.31% to 21.69% to ratify the agreement.
The results were communicated to members in an internal NJASAP memo last night first reported from Private jet ticket comparisons.
A complete of two,390 pilots voted for the deal, 662 against.
Overall, 98% of eligible union members participated, a record.
Pilots at NetJets overwhelmingly approved a brand new employment contract that may pay them $1.6 … [+]
The deal calls for pilots to extend their pay by 52.5% through 2029, when the contract expires.
NJASAP had told members that the mid-contract deal would give them a net increase in compensation of $1.6 billion over the lifetime of the agreement, a mean of $400,000 per pilot.
The union said it rebuffed attempts by management to barter an extended contract.
NJASAP had said that with out a raise, pilots would move to better-paying jobs at major airlines. They sought equal pay with these pilots.
Management had replied that there have been no problems with fluctuation or hiring latest pilots. A retirement age of 70 was introduced in January.
In the top, the pilots were content to shut the gap.
“When the ultimate increase in base pay is added to pilot pay on May 1, 2029, the pay gap between NetJets and major airlines will narrow from the present 60% to 4.6% for giant cabin captains and 17.6% for small cabin captains “,” the union told members before the vote.
Pilot pay scales showed base wages starting from $86,000 to greater than $400,000.
The deal comes as NetJets plans to extend deliveries of latest aircraft.
It has signed letters of intent with Embraer and Textron Aviation for numerous latest private jets.
The contract with the Brazilian OEM calls for the acquisition of as much as 250 of its mid-size Praetor 500s.
The take care of Textron’s Cessna aircraft division could see the Berkshire Hathaway subsidiary buy as much as 1,500 business jets.
Under the NetJets model, aircraft are resold to partial owners who purchase shares starting at 1/sixteenth of a specific aircraft.
This means as much as 50 flight hours per yr and contracts with a term of 5 years.
At the top of the contract, NetJets will buy back its share at current market prices.
Owners also pay a monthly management fee to NetJets, which operates the fleet.
Frequent fliers often buy quarter and half shares, and flight departments of firms that need extra lift buy shares in multiple aircraft types.
The partial owners are guaranteed flights at contractually agreed rates with a lead time of just six hours for his or her aircraft type. If you want, it’s also possible to receive guaranteed downgrades to other sorts of the fleet, while upgrades are subject to availability.
The deal ends a yr of increasingly hostile negotiations.
In December, NJASAP began targeting Berkshire CEO Warren Buffett with a series of ads The Wall Street Journal.
Management claimed the union was involved Self-help Negotiating tactics by increasing delays resulting from increased fatigue calls and maintenance delays.
NJASAP countered He called the management tactics “a serious threat to the safety culture” of the private airline.
If the nastiness had continued, it could have threatened NetJets’ position as a refuge for personal flyers, who often pay a premium to fly on the leading private jet.
