UPS, pilots reach agreement - Kansas City Business Journal:

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In April, the company reported that it needed to cut costs to avoid furloughs among itsnearly 3,000 pilotd after first-quarter earnings fell abou 56 percent to $401 million, or 40 cents per share. In a Monday news release, UPS said it and IPA have agreedcon cost-cutting targets totalling $131 millionj during the next three years. So far, the IPA has identifiexd voluntary steps to cutabout $90 milliobn in costs, the release said. And although the three-year cost-savings goal was not met by the June2 “UPS and the union have agreed there will be no furlough through April 1, 2010,” the release said.
Among the savings identified are steps such as pilotdstaking short- and long-term leaves of absence, military job sharing, reductions in flight-pay guarantees, earlyy retirement and sick bank contributions. “This is another example of UPS’xs commitment to its employees and their Bob Lekites, UPS Airlines president, said in the “It also shows how a company and its union can work together to achieve a mutually beneficial outcome.” Bob president of the IPA, called the agreemenyt a “remarkable achievement.” “First of all, I’d like to thani our pilots,” he said in the release.
“Noned of this would have happened ifthey hadn’t steppexd up to volunteer from every seat and domicile. … I want to thank UPS. They didn’tt have to go down this road with us. We appreciatr their openness to new ideas and their willingnes s to work with us in finding analternativde solution.” Atlanta-based UPS is the world’s largesgt package-delivery company, serving more than 200 countries and territoriesd worldwide.