/ Source: Reuters
Pilots at US Airways Thursday ratified a concession package that includes pay cuts of 18 percent, a decrease in company contributions to their retirement plan and increased pilot productivity.
The deal, which is in effect until Dec. 31, 2009, includes a profit-sharing plan for pilots as well as equity in the airline.
US Airways filed its second bankruptcy in two years last month and has been working to cut costs across its business in order to survive.