Warren Buffett got schooled by his NetJets pilots.
After years of maintaining that the corps of 2,800 pilots who fly his company’s fleet of 700 Gulfstreams and Cessnas were well paid, Buffett late Monday agreed to a new five-year deal with the union representing the flyboys — and it includes a 30 percent raise, the Post has learned.
The deal came shortly after 120 NetJets pilots last week announced plans to picket outside Goldman Sachs’ New York headquarters, a source close to the situation said.
“The night before [the Goldman action], the company called and said let’s negotiate,” one source said. So the union called off the picket, and soon the sides had an agreement in principle.
The pilots had been working without a contract for three years.
A tentative deal with no details was announced last Thursday. A finalized deal was released to the pilots on Tuesday.
As part of the deal, the pilots are expected to get a signing bonus nearly equal to the raise to compensate for the last few years when their salaries were frozen, a source familiar with the matter said.
The union, which has been picketing at Buffett-attended events to ratchet up the pressure, was asking for a 35 percent raise over three to five years — which would bring NetJets’ remuneration in line with what Walmart pays its flight crews.
Warren BuffettLandovThe new contract can be interpreted as a huge win for the pilots over Buffett.
Only a few months ago, NetJets told the union it wanted to maintain the present salary and was asking pilots to start paying for some health care benefits.
NetJets, the No. 1 shared corporate aircraft company in the US — with roughly 8,000 well-heeled customers who pay for a set number of hours aboard a private jet each year — presently pays its captains with 10 years of experience $131,179 a year.
Besides the raises, the company will continue to pay for all health care benefits, and the union will be compensated if NetJets outsources trips beyond a certain minimum.
The business jet industry has been booming, and NetJets has been seeking more pilots and planes.
Buffett told Fox Business Network in May that the pilots were “doing well and we’re doing well. What we pay is higher than most of our competitors.”


