Good news for FedEx pilots! They can now look to a brighter future ahead.

Reuters reported that the Air Line Pilots Association (ALPA) stated that FedEx pilots have agreed tentatively with FedEx on an improved collective bargaining compromise.

Negotiations on employment conditions between the package delivery firm and its pilots began in 2011. In October 2014, FedEx management arranged with the National Mediation Board for a mediation proceeding.

According to Nasdaq, FedEx gave confirmation that the company and its pilots had arrived at a consensus.

Captain Chuck Dyer, FedEx ALPA master executive council chairman, issued a statement, "We have been engaged in negotiations for quite some time, with a strong commitment from our negotiators, professional staff, subject-matter experts and our elected representatives. We also recognize the support provided by the National Mediation Board."

"The process has not always been easy, but our pilots and their families remained steadfast in their support of our Negotiating Committee. The MEC has a rigorous process when it comes to evaluating these types of agreements, and we look forward to fully vetting this tentative agreement," as per Memphis Business Journal.

A statement coming from the company's spokesman, Jim McCluskey detailed: "We are pleased to have reached a tentative agreement," he said. "We are grateful to both negotiating committees who worked so hard to reach this agreement, which contains great value for our pilots and FedEx Express."

ALPA also revealed last Thursday that the stipulations in the agreement will not be disclosed pending the union's executive council's green light. FedEx pilots earn more than $200,000 on an average per year under the present contract.

The FedEx ALPA Master Executive Council must examine and certify the tentative collective bargaining agreement, prior to moving it for a ratification poll of FedEx pilots — more than 4,000 in number.

As soon as it is ratified, the agreement would become feasible until 2021.