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Continental offers benefits to early outs
08:06 PM CDT on Saturday, June 21, 2008
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Are health perks enough?
DALLAS -- Continental Airlines is offering employees a year’s worth of health insurance and travel perks if they quit.
The Houston-based airline is shedding 3,000 jobs in a cost-cutting move. Continental has made an umbrella offer to all labor groups that includes the health benefits and free travel privileges for employees and their families until 2023. The offer was extended to employees who have worked at Continental for at least 10 years.But the union representing Continental pilots is pushing for job-sharing and other measures that would reduce the need for layoffs.
Continental announced this month it would cut about 6.5 percent of its work force and reduce capacity as it tries to deal with skyrocketing fuel prices. The airline’s already lost $80 million in the first quarter.
Continental announced the job reductions on June 5 and said it would cut capacity 11 percent beginning in September and retire 67 airplanes by the end of 2009. Last week, it said it would eliminate service to 15 cities around the world and reduce operations at its three hubs, with the deepest cuts in Cleveland.
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