Caught some additional details in the NY Times yesterday, none of em good.
<ul type="square"> [*]Defined benefit pension programs: history. To be replaced with a 401(k) plan [*]No board seat for the pilots union [*]the equity position demanded in return for concessions: granted, but pilots will have to PAY for the shares. [/list]
The end of the defined benefit pension is the worst of it, IMHO. The profession will never be the same -- at least until people start seeing that the training investment and QOL hit being on the road all the time just aren't worth it. The prestige of the job will fade soon enough, all the big $100k university flight programs will tank, and we'll be back to the 1960s when the airlines hired only military pilots.
On the other hand, maybe that's what the industry needs. When something offered only by the private sector becomes an indispensable part of the national infrastructure--such as air commerce has--it needs to be tightly regulated, shielded from market forces, unethical executives, etc.