Last night Flight Attendants for Continental Airlines ratified, overwhelmingly, a new collective bargaining agreement with the airline. This is a great step for Continental which struggled in the mid to late 90's with bankruptcy and labor disagreements. -----------------------------------------------------------
Continental Airlines has agreed to contribute to the fully-funded IAM National Pension Plan at the discretion of the IAM and the Continental Airlines flight attendant membership. However, the IAM National Pension Plan would be activated immediately if the current Continental Airlines Retirement Plan is frozen or terminated. IAM flight attendants now have the security of knowing they do not have to depend on Continental's poorly managed, grossly underfunded pension plan for retirement security.
Terms of the four-year agreement also include preservation of wage rates and progressions for current flight attendants; top base pay rate increased to $50 per hour prior to the amendable date; furlough protection; enhanced crew rest; improved commuter and reserve issues and ensures participation in profit sharing and stock option plans.
"In spite of pressure to conform to trends set by others in the most difficult bargaining environment imaginable, the Machinists Union has produced the industry's leading flight attendant agreement," said William O'Driscoll, President of IAM District 142. "Continental flight attendants are the highest compensated in the industry with the most secure defined benefit pension options anywhere."
Continental Airlines has agreed to contribute to the fully-funded IAM National Pension Plan at the discretion of the IAM and the Continental Airlines flight attendant membership. However, the IAM National Pension Plan would be activated immediately if the current Continental Airlines Retirement Plan is frozen or terminated. IAM flight attendants now have the security of knowing they do not have to depend on Continental's poorly managed, grossly underfunded pension plan for retirement security.
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