Autoworkers have expanded their ongoing strike against Ford (F) and General Motors (GM). The strike against Stellantis (STLA) was not expanded due to progress being made in negotiations. United Airlines (UAL) has successfully negotiated a deal with its pilot union, securing a pay raise of up to 40% over four years. United is the last of the major airlines to reach a deal with pilots amid the industry shortages. A flood watch is in effect for 23 million people in New Jersey, New York, and Connecticut. Ongoing rain and flash floods are causing closures of various roads and subways in New York City. Yahoo Finance's Julie Hyman breaks down today's top stories.
The pilots will get a cumulative 34.5% to 40.2% increase in pay in the new four-year contract, as well as better work-life quality, sick leave, work rule and vacation improvements, and an increase to retirement benefits for United's 16,000 pilots. ALPA last year rebuffed an offer from United, forcing the airline to improve its terms.
United Airlines has more than 16,000 pilots at present, including over 3,000 who have served or currently serve in the United States Armed Forces. Military pilots applying to join the carrier would not need an airline transport pilot certificate at the time of application, but can obtain it before joining.