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October 17, 2006 11:00 AM, EDT

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edEx Corp. pilots approved on Tuesday a new four-year contract, Bloomberg reported.

The new contract provide pilots with an initial 9% pay raise and subsequent 3% increases at the end of the year for the next three years, Bloomberg said.

The contract also includes a bonus of up to $30,000, half of which is paid at signing and half of which will be paid June 1, 2007, Bloomberg reported.

In September, the governing body of the FedEx unit of the Air Line Pilots Association sent the tentative contract to the parcel carrier’s pilots with a unanimous recommendation to ratify it. (Click here for previous coverage.)

FedEx is ranked No. 2 on the Transport Topics 100 list of the largest for-hire carriers in the United States and Canada.