UAL <UAL.N> PILOTS PROPOSE WAGE CUT TO FUND BUYOUT
The union representing 7,000 pilots at
United Airlines is proposing wage cuts of up to 25 pct to help
finance a 4.5 billion dlr employee buyout of the nation's
second largest air carrier.
    In a television link-up of 10,000 employees at 11 sites
nationwide, the Air Line Pilots Association unveiled details of
a planned employee stock ownership plan for United, a
wholly-owned subsidiary of UAL Inc.
    The proposed wage cuts would affect senior pilots the most,
although the other 53,000 workers employed by United would also
be asked to accept less pay.
    In addition, the union is asking its pilots to invest
one-third of the union pension fund's 1.1 billion dlrs in the
proposed employee-owned company.
    In an effort to get the rank and file to contribute five
pct of their earnings, United's 21-member master executive
council donated 150,000 dlrs in cash and committed 2.1 mln dlrs
in pension fund assets for acquisition of new preferred shares.
 REUTER
