I don't think there's anyone reading this that would have much criticism of the airline industry as a whole. I don't mean waiting in excruciatingly long lines, shoe searches, and lousy food. I mean the industry itself following the attacks on 9/11, soaring fuel prices, and the generally weak condition of the industry as a whole. Everyone associated with the industry has suffered in one way or another.
Today in Atlanta, representatives of Delta's pilot's union ratified a new agreement. It included wage concessions as well as a stipulation that the union won't stand in the way if Delta wants to eliminate the pilot's pension plan. Here's my thought.
According to Delta, their average pilot salary is $157,000. Now I don't begrudge the pilots their pay. I have a good friend who is a pilot, who finally - after years of making about the same amount as a blue collar laborer - is making good money. My question involves the idea of a pension plan.
Why is it that some believe that companies are obligated to provide a pension program. Most small business owners take care of that themselves. I mean, sure, if you want to use a pension as an incentive to attract the brightest and best, that's your business. But what happens when being forced to maintain a pension risks the very survival of the business? Sure, it sucks. So does losing a job. So do a lot of things in life. But this ain't Shangra La.
I'm thinking, with a salary of upwards of $157,000 a year, I could probably set up a pretty good "pension plan" of my own.
How 'bout you?
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