Southwest (LUV), Pilots Union Reach Agreement in Principle Over New Contract - Bloomberg

August 29, 2016 3:02 PM EDT

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Southwest Airlines (NYSE: LUV) and its pilots union have reached an agreement in principle over a new contract, according to Bloomberg, citing an email sent out today.

The pilots will get a 15 percent snap-up raise and 3 percent raises each year.

Contract language has yet to be finalized.

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