Aviation unions are asking congress for $15 billion to extend furlough protections
- A coalition of aviation unions asked congress for $15 billion to extend furlough protections.
- Without the funds, “wide-scale layoffs” may begin as early as March 31, they said in a letter.
- This is a “critical moment for the country and the industry,” the unions said.
- Visit Business Insider’s homepage for more stories.
A coalition of aviation unions has asked congress for a $15 billion extension for a furlough protection program, warning a lack of funding would lead to layoffs.
The funding would extend the current Payroll Support Program through September 30. Otherwise, it would expire on March 31.
“Without these actions, wide-scale layoffs in the industry will begin as early as March 31st,” the unions wrote in a letter addressed to House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer, along with others.
The letter was signed by seven unions, representing pilots, flight attendants, and other aviation workers.
Video: United Airlines notifies workers 14,000 jobs at risk when aid runs out (CNBC)
The last thing we need is have Congress regulate short selling, says Short seller Dan David
CNBC
Dr. Eric Topol: We now have four vaccines with good efficacy
CNBC
Is there a big SEC crackdown coming?
CNBC
Here's why stocks plunged this week
CNBC
Themis Trading's Joe Saluzzi on Robinhood's trading limits
CNBC
The market plunges amid the Reddit rebellion
CNBC
NYT, Vanity Fair journalists on the 'meme-ification' of finance
CNBC
Final Trades: DNMR, MSFT & STPK
CNBC
'Tons' of new Covid vaccine supply coming by summer, says Jefferies' Yee
CNBC
CNBC Markets Now: January 29, 2021
CNBC
Post-Market Wrap: January 29, 2021
CNBC
Carmine Di Sibio discusses Ernst & Young's goals for net zero carbon by 2025
CNBC
Dr. Scott Gottlieb discusses effectiveness of J&J vaccine
CNBC
CNBC Tech Check Evening Edition: January 29, 2021
CNBC
GameStop's massive run brings risk management to the forefront: GenTrust's Elena Hernandez
CNBC
Robinhood had no choice in 'shutting down' due to regulatory policies: Keith Bliss
CNBC
The last thing we need is have Congress regulate short selling, says Short seller Dan David
Dan David, short seller and Wolfpack Research founder, discusses the nature of his business. With CNBC's Brian Sullivan.
CNBC
Dr. Eric Topol: We now have four vaccines with good efficacy
Scripps Research Director Dr. Eric Topol on the options for vaccines and what the new Covid variants mean for the pandemic. With CNBC's Brian Sullivan.
CNBC
Is there a big SEC crackdown coming?
Lisa Braganca, Braganca Law and former SEC branch chief on what the SEC is likely to do about the GameStop short squeeze.
CNBC
Read more: Moody’s says COVID-19 relief for airport stores and restaurants may help the air travel sector survive, but the outlook remains bleak
The payroll program has supported hundreds of thousands of workers at a time when airline revenue has plunged due to the pandemic, said the unions. Southwest Airlines, for example, furloughed 7,000 workers for the first time in its history.
United Airlines, meanwhile, warned about 14,000 employees they may be furloughed starting on April 1, if the program isn’t extended, according to Reuters.
In December, United recalled about 13,000 furloughed workers when the payroll protection program got $15 billion in funding, according to Reuters. In total, the program helped airlines bring back as many as 32,000 staffers, Reuters reported.
“The payroll support program was a grant program to go to the airlines that could only got to pay in benefits to workers – 2.1 aviation workers,” said Sara Nelson, president of the Association of Flight Attendants-CWA, which represents about 50,000 workers at 20 airlines.
As originally designed, payroll program funded about 70% of airline payrolls, with no reduction in hourly pay until March 31, 2021, according to the Association of Flight Attendants-CWA.
The measure also limited stock buybacks and executive compensation.
Source: Read Full Article
