More than half of my life has been working in the airlines for one company that completed merger after merger into what is now Delta. Having seen many things in my lifetime take place in the airline industry, this is something new. I am sharing this because I am a proud Delta employee and I want others to know I thank them for looking out for my “Family” making sure we are represented in the stimulus bill.
IAM Fights and Senate Passes Bill to Steady Air and Rail Industries
- $25 billion in grants and $25 billion in loans or loan guarantees to the airline industry
– Before labor’s input it was only a loan program
- The grant funds are EXCLUSIVELY for the continuation of payment of employee wages, salaries and benefits
– Before labor’s input, this provision did not exist
- No condition to open CBAs and enter concessionary negotiations to receive grant funds, loans or loan guarantees
– Before labor’s input, the Treasury Secretary had the power to demand unlimited conditions on receiving federal funds
- As a condition to receive federal grant funds the carrier must refrain from conducting involuntary furloughs until September 30, 2020
– Before labor’s input, this important provision did not exist - Prohibition on stock buybacks until September 30, 2021
- Prohibition of dividend payments until September 30, 2021
- Limits on executive compensation
- Limits on “golden parachutes”
– Before labor’s input, these provisions did not exist
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