United Air whacks pay, ends pensons
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United Airlines said it must cut an another $2 billion in costs, including an end to all employee pension plans, to exit bankruptcy.
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Union workers may face a 23 percent slash in pay; United says it needs cash reserves. United Airways asked a bankruptcy judge to impose a 23 percent pay cut on its union workers, including pilots and attendants.
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A judge said that a contract between United Airlines and its pilots' union forced other unions to join the pilots in letting United terminate their pension plans.
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Cash-strapped UAL Corp., parent of United Airlines, yesterday said that it would &quot;likely&quot; terminate its four pension plans as part of its efforts to further cut costs and emerge from bankruptcy.
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United Airlines is moving to obtain another $725 million in labor concessions and eliminate employees&#39; traditional pensions as it seeks the financing to come out of bankruptcy.
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The unraveling of the ailing airline industry picked up speed Friday as a bankruptcy judge granted US Airways authority to temporarily cut the pay of its union workers by 21 percent, comparing the airline&#39;s financial outlook to &quot;a ticking fiscal time bomb
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CHICAGO: The agency that guarantees US corporate pension plans lashed out at United Airlines over an agreement with its pilots&#39; union that would allow the carrier to dump one of its employee pension funds with the union&#39;s blessing.
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United Airlines, trying to revamp its  business after nearly two years in bankruptcy, has told its  unions it must terminate and replace their pensions as part of  its drive to cut costs by an additional $2 billion a year.
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US Airwaysâ unions say the bankrupt airline is âbarking up the wrong treeâ by seeking to ensure its solvency by imposing a 23 percent pay cut on its workers.
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UAL Corp.'s United Airlines, trying to attract financing to exit bankruptcy, said it probably will terminate and replace all its pension plans.
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UAL Corp. , parent of United Airlines, on Friday said it would lay off up to 825 ramp and customer service workers as the airline continues its fight to emerge from bankruptcy.
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UAL Corp.  on Monday announced new cuts in employees' salaries as the parent of United Airlines looks to make &#36;112 million in annual savings and emerge from bankruptcy protection.
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The US agency that insures corporate pensions is troubled by provisions in a $180 million concession deal between pilots and United Airlines (UALAQ.
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A bankruptcy judge granted US Airways authority today to immediately cut the pay of its union workers by 21 percent, saying the airline's situation is so dire that urgent action must be taken.
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The union that represents pilots at United Airlines said Friday that it had struck a deal that would allow the airline to terminate the pilots' ailing pension plan.
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A bankrupt US Airways today won most of the emergency pay cuts it said were critical to avoid liquidation, and the airline industry&#39;s other bankrupt company, United, said
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Big labor unions at bankrupt US  Airways Group Inc. UAIRQ.OB claimed on Tuesday the carrier  has fallen far short of proving that it must have immediate  court-imposed wage and other cuts to survive.