Taking the example of a US Airways B757 Captain at the max pay rate:
From 1/1/96 through 4/30/01, his salary was $184.23 per hour.
On 5/1/01, he received a "parity adjustment" of approximately 17%, and his salary was $215.53 per hour.
On 5/1/02, he received another parity adjustment of roughly 16.1%, and his salary was $250.17 per hour.
That didn't last long ...
On 7/1/02, the two parity adjustments were dialed back in the restructuring agreement, so his salary was again $184.23 per hour.
The new TA that took effect on 1/1/03 reduced his pay by 8%, so his salary was $169.49.
The new TA had a 1% raise built in on 5/1/03, so his rate became $171.19.
On 1/1/04, the new TA rate was to be only 6.5% below the restructuring agreement rate (versus 8% below restructuring agreement as of 1/1/03), so the rate bumped up to $173.98.
On 5/1/04, the TA included a 1% raise, so the rate is now $175.72.
Got all that?
Now, by my calculations, a 35% cut off of that would take the rate down to $114.22.
Versus 2000, the pilot will have given up 38%.
However, versus 5/1/01 through 4/30/02, he will have given up 47%.
And, versus 5/1/02 through 6/30/02 - the two glorious months that both parity adjustments were in effect - he will have given up fully 54.3% of his pay.
Ouch.
