Pilots at Southwest ratify a contract that will boost their pay raises by nearly 50% by 2028

Pilots at Southwest Airlines have approved a new contract with huge pay raises. The pilots' union said Monday that the contract was approved on a vote of 93% to 7%. The new contract has cumulative pay raises that work out to nearly 50% by 2028. The biggest chunk is an immediate pay-rate increase of 29%. Pilots at Southwest now have joined counterparts at Delta, American and United in securing huge pay increases. Smaller airlines have struggled with pilot shortages, and that's giving pilots at the big airlines more leverage to demand raises.