Southwest Airlines pilots ratify new agreement

Southwest Airlines Co. (NYSE: LUV) have reported its pilots ratified a new collective bargaining agreement, the company said.

The Southwest Airlines Pilots´ Association (SWAPA) said 84.26 percent of pilots who cast ballots voted in favor of the deal.

New contractual terms, including a new wage scale and bonus provisions, will be implemented according to an agreed timeline. Negotiations began in 2012 and have been guided by the National Mediation Board (NMB) since 2014.

The newly ratified contract becomes amendable in November 2020.

Dallas-based Southwest Airlines operates more than 3,900 departures a day during peak travel season across a network of 98 destinations in the United States and seven additional countries with service to Varadero, Cuba beginning Nov. 13, 2016, and to Havana, Cuba, beginning Dec. 12, 2016, both routes subject to governmental approvals.