(Sharecast News) - British Airways is reportedly on the of a brink of a long-term pay deal with its pilots aimed at removing the renewed threat of strike action until at least 2027.
According to Sky News, BA - which is owned by International Consolidated Airlines Group - was applying the finishing touches to an agreement with pilots union BALPA on Thursday morning.
The three-and-a-half year deal, which has been the subject of months of negotiation, expected to secure the agreement of BALPA, which would then ballot its members on the proposed deal.
One source told Sky they expected the deal to be communicated to BA pilots later on Thursday.
Sky said that under the agreement, BA pilots will receive a 4% pay rise this year, backdated to June, followed by further uplifts of 1.5% in December, 2.5% next June, a further 2% six months later.
That will then be followed by a 0.5% rise in March 2025, 2.5% in June of that year and another 2.5% in June 2026.
Pilots will also receive a one-off payment of £1,000 this November, according to a source close to the talks.
They will also participate in a new reward scheme based on BA's operating profit performance, which could trigger bonuses worth thousands of pounds.
The next pilot pay review will take place in January 2027.
International Airlines (IAG)