Continental Pilots Offer $122M In Labor Cost Cuts >CAL Tuesday January 25, 4:23 PM EST NEW YORK (Dow Jones)--The union representing pilots at Continental Airlines Inc. (CAL) proposed trimming pilot cost by $122 million a year as part of the airline's bid to cut labor costs by half a billion dollars. In a press release Tuesday, the Air Line Pilots Association union said contract negotiators made the proposal, which cuts mostly benefits and work rules. The offer is designed the minimize the impact on wages, the union said. Pilots said they made the offer on the condition that other work groups participate in the Houston airline's plan to cut $500 million in annual labor costs. Pilots also seek pension protection guarantees and to "eliminate the double standard by which management receive bonuses for corporate losses while employees take cuts." Representatives for Continental weren't immediately available for comment. Continental pilots are negotiating a new contract. Their last contract became amendable in October 2002. Pilots said managers set a deadline of Feb. 28 for obtaining the labor cost cuts, but the pilots haven't set a deadline for themselves. "Continental has had the benefit of a low cost labor force for more than two decades," said Jay Panarello, the pilot union chairman, in a statement. He added the pilots at Delta Air Lines Inc. (DAL) and Northwest Airlines Corp. (NWAC), even after their recent rounds of wage and benefit cuts, still have benefits comparable to those at Continental. "We are willing to participate in Continental's restructuring, but only on a fair and equitable basis that ensures returns on our investment," Panarello said. Roger EWROPS