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. Last Updated: 07/27/2016

Air France Reforms

PARIS -- Pilots of France's state-owned airline Air France have voted to accept a pay cut in exchange for company shares, enabling the airline to implement its three-year reform plan.

The majority pilot union, SNPL, said Wednesday that 78.2 percent of pilots who voted agreed to the reform.

The proposal finalized in October provides for a definitive, but voluntary, annual pay cut of 11,575 francs ($2,104) in exchange for Air France shares.

The cut represents between 2 and 3 percent of salary.