Investing.com -- Pilots at Allegiant Air voted to approve a new collective bargaining agreement on Wednesday, with 80% of voting members supporting the deal, according to the Teamsters union.

The agreement provides pilots with a 40% wage increase and $300 million in retention bonuses. By January 2027, pilots will receive a total wage increase of 54%.

The contract also includes a company-funded 401(k) plan with a 15% contribution rate and long-term disability coverage for pilots.