Pilots working for NetJets, the world’s largest jet operator, have voted overwhelmingly to approve new contract terms after months of negotiations.
According to a memo sent to pilot members from the NetJets Association of Shared Airline Pilots (NJASAP) 98% of those eligible to vote took part.
Private Jet Card Comparisons reported that 78% (2,390 pilots) of members voted in favor of new contract terms while 22% (662) rejected ratification.
Under the new contract NetJets pilots will receive a 52.5% increase in payment for their services over the next five years, which will cost the private jet company more than $1.6 billion.
“When the last base pay increase is added to pilot pay on May 1, 2029, the pay gap between NetJets and major airlines will be reduced from the current 60% to 4.6% for large-cabin captains and 17.6% for small-cabin captains,” the memo to pilots said.
It added that the agreement “secures a net increase in total pilot compensation of more than $1.6 billion. Stated another way, the Tentative Agreement will result in an average per pilot increase of more than $400,000 in net new compensation in comparison (to the current agreement)”.
NJASAP also said that a 10-year pilot in command (PIC) who holds the “7&7 Schedule will earn an additional $37,604 per year or $3,134 per month after the first increase of 23%”.
Voting on the new contract began on March 15, 2024, and ended on April 12, 2024.