There is no wind under the wings of Delta
The aviation industry is still feeling the effects of the pandemic. After some world-renowned companies fired thousands of employees and received governmental aid, things are still not too rosy.
The US airlines such as American Airlines, #Delta, Southwest, and many more, took advantage of the $25 billion stimulus package put at their disposal by the US government. Despite the $5.4 billion received, Delta Airlines is still struggling.
Delta announced that in October, almost 2,000 pilots would be furloughed if a cost-cutting deal doesn't go through with the employees' labor union. The job cut will take place after the September 30 deadline imposed by the agreement made with the government. Airlines that accepted the stimulus package are prohibited from cutting staff by the end of September.
Besides the announced cut, another 1,800 pilots took early retirement packages. Still, it is not enough the avoid the furloughs. According to Delta, the remaining pilots could prevent a future furlough if they agree with a 15% cut to minimum pay.
The negotiations have been on for quite a while, but both parties have failed to reach an agreement.
During today's premarket session, Delta stock price added 0.17%.
Read what happened to the aviation industry during the pandemic on CAPEX.com!
Sources: cnbc.com
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