October 10, 2017 / 3:23 PM / a year ago

Lufthansa, pilot union sign deal on pay and pensions

BERLIN (Reuters) - Lufthansa and its main pilots union have signed a wide-ranging agreement on pay, pensions and conditions, which will boost the airline’s profit this year and brings an end to a long-running row between the two sides.

A logo of German airline Lufthansa is seen before the company's annual news conference at the airport in Munich, Germany, March 16, 2017. REUTERS/Michaela Rehle

The deal will bring Lufthansa’s cockpit staff costs down by 5 percent and reduce pension liabilities this year by a high three-digit million euro amount, with a corresponding positive effect on earnings before interest and tax.

Its shares rose by 2.7 percent after the statement.

Reporting by Victoria Bryan; Editing by Tom Sims

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