BA pilots to swap shares for a pay cut

BRITISH Airways pilots have voted to accept shares worth &pound;13m in exchange for taking a pay cut, as part of a deal to cut costs at the struggling airline by &pound;26m a year.<br /><br />The arrangement is part of a draft agreement with all of BA&rsquo;s 3,235 pilots, which will see them swap shares for a reduction in pay.<br /><br />Pilots will receive the shares on or after 1 June 2011, and will not be able to sell them for a minimum of three years after they are allocated. The number of shares being given to each pilot will depend on BA&rsquo;s stock price at the time of issue. <br /><br />Meanwhile, Willie Walsh, chief executive of BA, told the Paris Air Show that the worst of the recession was &ldquo;still ahead&rdquo; for the airline industry.