Lufthansa cabin crew union sees approval of new pay deal
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
Planes of the Lufthansa airline stand on the tarmac in Frankfurt airport, Germany, March 17, 2016. REUTERS/Kai Pfaffenbach/File Photo
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
FRANKFURT (Reuters) - Cabin crew at Lufthansa are expected to vote in favor of a wide-ranging pay deal with the German carrier, bringing a long-running dispute to a close, according to a labor boss.
"Due to the massive response of members in the past few weeks I expect agreement," Nicoley Baublies, chief negotiator of cabin crew union UFO, told Reuters on Wednesday.
Members of UFO have been voting for almost seven weeks on whether to accept the deal, which comprises a 3.5 year pay deal, a change to pensions, and more flexible working conditions. The final result of the vote is due this evening.
Lufthansa said last month that the cabin crew deal would boost its earnings before interest and tax by several hundred million euros this year, allowing it to pay a dividend.
An agreement with around 19,000 cabin crew would mean that Lufthansa could now focus on a deal with its pilots on pay and conditions as it battles to reduce its labor costs.
However, talks between Lufthansa management and pilots' union Vereinigung Cockpit broke down earlier this month and the two sides are currently reassessing their positions.
(Reporting by Peter Maushagen and Victoria Bryan; Editing by Georgina Prodhan)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Sonoco (SON) Affirms FY16 Outlook; Guides FY17 EPS Below Views
- Owens Corning Declares Fourth-Quarter 2016 Dividend
- Genesco (GCO) Tops Q3 EPS Views, Sales Light