The labor troubles that long plagued NetJets are finally over. NetJets aircraft technicians and related employees have ratified a new six-year collective bargaining agreement with the Columbus, Ohio-based fractional ownership private jet company.
NetJets ongoing labor disputes, which for a number of years saw the pilot’s union stage informational picketing at Berkshire Hathaway’s annual meeting, has made steady progress since the pilot’s won a 30 percent raise at the thend of 2015.
The latest agreement is with The International Brotherhood of Teamsters, the Teamsters Airline Division and the Teamsters Local 284 that represent 212 aircraft mechanics, maintenance controllers, stock clerks, aircraft fuelers and aircraft cleaners at the company.
“After more than six years of negotiations, our members secured a new contract with major improvements, including an immediate 20 percent wage increase, additional pay increases every year of the contract, premium-free health insurance that can’t be cut or reduced, retirement improvements and many other benefits,” said Capt. David Bourne, Teamsters Airline Division Director. “The union and its members stand ready to work with NetJets to help ensure a successful company and the highest standards of air safety now and in the future.”
More than 94 percent of the members voted on the proposed contract which goes into effect tomorrow. NetJets will pay signing bonuses of up to $30,000 by the end of the month. NetJets workers are also eligible for employer matching contributions if they direct some or all of their bonus into their 401(k) accounts.
“The new labor agreement was made possible by membership solidarity and the support of unionized NetJets pilots, flight attendants and dispatchers, as well as the hard work and dedication of a long line of Teamsters representatives at every level of our union who pulled out all the stops for these men and women,” said Local 284 President Mark Vandak. “This contract demonstrates what strong unions can accomplish for working people across the United States.”
The new contract runs through December 2023. NetJets has the right to extend the contract for an additional two years if it provides additional wage increases, hires additional aircraft technicians at its Columbus maintenance facility and satisfies other negotiated requirements.
© 2017 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.