LONDON (ShareCast) - Pilots working for British Airways (LSE: BAY.L - news) have accepted £13m of shares in return for lower pay, according
to the British Airline Pilots' Association (Balpa).
The pilots, who earn an average of about £80,000 a year, will be granted the shares as compensation for a 2.61% drop in wages.
They'll get the shares from June 2001 if targets are met, but won't be able to cash them in for three years.
It's estimated that the deal will save BA £26m. Earlier this week, boss Willie Walsh asked 40,000 staff to consider working for nothing for a month to aid the company's "fight for survival".
Balpa's general secretary, said: "We have been doing some intensive research and polling over the last two months. Our research indicates that BA is facing a real business challenge and this is not the case of the employer crying wolf."
"We have always said that as a union we would share the pain if our members shared in the gain," he added.
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