International Brotherhood of Teamsters Senior Legislative Representative and Policy Advisor Cole Scandaglia joined the America’s Work Force Union Podcast and discussed the airline industry’s recovery from the COVID-19 pandemic.
The aviation industry was devastated by the pandemic. It was one of the hardest hit sectors, as 96 percent of its business disappeared almost overnight, Scandaglia said. Since the height of the pandemic, the industry has since experienced a very substantial recovery. Compared to a year ago, air travel is up 30 percent, however, it remains below pre-pandemic levels, he noted.
Fortunately, the federal government enacted the Payroll Support Program (PSP), which kept employees on the payroll with benefits, he said. However, the program is expiring and the industry now faces additional struggles.
One provision of the PSP prohibited carriers from buying back airline stock until Sept. 30 of this year. Scandaglia brought to light a campaign and public petition, No Stock Buybacks, that urges carriers to stabilize operations and invest in workers before spending funds on buying back their own stock.
Listen to the entire episode to learn more about these topics.