Originally Posted by
Mesabah
Alfa is correct, the bankruptcy concessions have been restored, and then some. The problem is guys are considering restoration of the pre-bankruptcy concessions as well, however, those were straight charity to the company.
Ah, yes. How very "Lee Moak" of him...
"The January 1 pay rate increase represents an increase of roughly $75 million in value for the Delta pilots. It also marks somewhat of a milestone in that the New Year pay rates will be above those that were in place when Delta filed for bankruptcy protection in 2005." - Lee Moak, Chairman's Letter, September 23, 2010
Problem is that a very large number of Delta pilots do not consider our "pre-bankruptcy" concession of a draconian, unprecedented 32.5% pay cut to be a permanent reset. Many of us (most?) considered the 32.5% pay cut to be an extreme measure taken in an extreme emergency in an effort to try and keep our company from going into bankruptcy. I don't think any of us at the time intended or even envisioned that this would be permanent. (Adjusted for cost of living increase, our current pay rates are a 34% pay cut.)
Then along came Lee Moak, along with guys like Alfa, and voila... now we have a lot of folks accepting this drastically reduced value for our profession as a new norm. AND we've got a full decade of precedence indicating to management, Wall Street, etc. that we accept this "new norm" and have no intention of restoring our profession and our careers.
Way to go, Moak, Alfa, et al. Maybe someday you will be inducted into the Bean Counter Cost Cutting Hall of Fame!