I am about to do the same... my airline, Comair, is a wholly owned subsidiary of Delta. Since they are in Bankruptsy they are taking advantage of the situation to rape our pilot contract. They have been renegotiating the leases for our airplanes and 5 went back to the lessors last month with another 11 this week. Therefore I am displaced from Capt back to First Officer as less planes means less pilots and everyone moves backwards and the ones at the bottom are out (furloughed). So I lose approximately 40% of my pay. Then to make matters worse, the company strong arms the pilot's union and gives them a "last, final offer" or we will liquidate the company and give your planes to Mesa Airlines or Chitaqua to fly since they are cheaper, bottom feeding scum. Well I know everyone in the industry is taking pay cuts, but the deal the company is offering is an absolute rape.... as a First Officer now I would take an ADDITIONAL 20% cut, in addition to the 40% reduction from going from Capt to FO. So now, after being here for 6+ years I would be flying jets for $35,000 a year!
No raises until the end of the contract (3 yrs) and it's very, very modest at that... And then it will take 3-4 years to negotiate a new contract after that.
So the choice the pilots get to make next week is to vote in the crappy contract (besided pay, work rules and per deim are greatly reduced, retirement contribution gone, etc, etc) or vote no and they liquidate. As well, there are no guarantees if we vote yes that the airline won't keep shrinking and they eventually liquidate anyway.
Looking for a new job.
CL65 Captain now CL65 FO!