US Airways to save $300 million a year

US Airways' pilots union ratified a new labor contract Thursday that will cut their base pay by 18 percent and save the airline $300 million a year.

The bankrupt airline, a unit of US &to=http:// ' target=_blank>Airways Group Inc., has expressed hope that a ratified deal with the pilots will give it momentum as it seeks cuts from its three other major unions, representing machinists, flight attendants and passenger service workers.

It says it needs about $950 million in annual cost cuts from all its unions to have any chance at survival, informs DetNews.

According to the CBS Market, the Arlington, Va.-based airline still needs to squeeze savings from its flight attendants, baggage handlers, mechanics, reservation and ticket counter agents to stay aloft. They represent about 20,600 workers.

"Our pilots have demonstrated their leadership in working with us as we transform US Airways in a successful and competitive airline," the company said in a statement.

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