Spirit Airlines reaches deal with pilots on new contract, union says

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By Rajesh Kumar Singh

CHICAGO (Reuters) -Spirit Airlines pilots have reached a tentative agreement with the company over a new contract, their union said in a statement on Friday.

The agreement represents an economic gain of $463 million or 27% over the next two years for the pilots, the union said.

If ratified by the pilots, the two-year agreement will become effective on Jan. 1.

The Air Line Pilots Association (ALPA), which represents pilots at the ultra-low-cost carrier, said the deal involves "zero concessions" on the part of Spirit pilots.

"This agreement...stands in stark contrast to previous bargaining cycles at Spirit and other large jet carriers, where pilots have endured years of stagnating compensation while negotiating comprehensive pilot contracts," said Spirit's pilot union head Ryan Muller.

The pilot union, however, declined to share more details of the deal.

Spirit didn't immediately respond to a request for comments.

The deal comes a week after Delta Air Lines (NYSE:DAL) offered a 34% cumulative pay increase to its pilots over three years in a new contract, showcasing the bargaining power pilots are enjoying as carriers staff up to meet booming travel demand.

Analysts at Jefferies estimate the United States is short of 10,000 pilots. This supply-demand gap is projected to last until 2027.

In July, Spirit agreed to sell itself to JetBlue Airways (NASDAQ:JBLU) Corp in a $3.8 billion deal, which is expected to close no later than the first half of 2024. While Spirit's shareholders have approved the merger, the fate of the deal hinges on securing regulatory approvals.