Continental Pilots OK $213 Million in Cuts

From Bloomberg News

Continental Airlines Inc.'s pilots voted to accept $213 million in pay and benefit cuts, contributing to efforts to reduce annual costs by $500 million.

Continental’s Air Line Pilots Assn., which represents about 4,200 employees, said its members voted 58% in favor of the new contract.

The agreement will reduce crews’ wages by 8.9% starting Friday, with 2% increases coming in 2007 and 2008. The pilot approval is contingent on other workers approving cuts.