Originally Posted by
Aquaticus
Actual bill language
Page 510 - 25B loan
- allowance for 10% of total workforce immediate involuntary furlough
- stock buy back/dividend restrictions until loan is paid back +12months
Page 589 - 25B possibly a grant
- with no involuntary furloughs or pay cuts until 9/30/20
- no stock buybacks or dividends until Sept 30, 2021
If UAL management takes just the loan they COULD still furlough pretty deep into the pilots. 10% of 100,000 employees and we have the bigger payroll compared to other work groups. If we give them voluntary furloughs and reduced lines they still have that 10% of involuntary furloughs. The bill does some good but there are a lot of ways for management to manipulate its implementation.
which is probably in line with the bills intention. The goal is to save the largest number of jobs - not necessarily the highest paying jobs.
i doubt there will be much outcry if they go deep in pilots and keep it easy in other work groups.
our real protection is in the training cost that this would incur.