HOUSTON, Dec. 29 — Mechanics and other employees at Continental Airlines have ratified a four-year contract that includes increased wages and benefits, both sides said.þþThe package increases wages for the top mechanics by 13 percent, to $30.42 an hour, retroactively to Jan. 1. Wages as of Jan. 1, 2003, will then increase to $33 an hour. þþThe top mechanics for the carrier now make $26.85 an hour. þþAlso under the terms, mechanics at Continental with 30 years or more of service will receive a lump-sum payment of $40,000 if they retire by 2004. Fewer than 100 mechanics are expected to be eligible for that incentive. þþThe contract between Continental and its mechanics also recognizes the difficulties faced by the industry, Continental said. The contract includes a provision to re-examine wages in January 2004 and establishes work rules and other contract items through 2006. þþThe agreement is part of a deal reached with the International Brotherhood of Teamsters, which represents more than 3,300 mechanics and other workers at the Houston-based airline. About 1,300 of those employees are in Houston. þþThe union said the agreement provides increased wages and retirement benefits, improved work rules and significantly improved job protection guarantees. þþContinental's chief executive, Gordon M. Bethune, said employees have shown they understand the issues facing the industry and have taken a leadership role to position themselves and the airline to succeed. þþÿThis contract underscores the value of working together to reach agreements that are fair to employees and the company,ÿ Mr. Bethune said. þþþ
Source: NY Times
