"Southwest Airlines Pilots Association leadership will meet June 10 to decide whether to recommend membership ratification of a contract extension proposal from the airline. While the offer falls short of the industry-leading levels the pilots seek, the extension would increase pay levels 34.7% over the next four years, including raises already agreed in the current contract." (from Aviation Daily, 21 May 2002)
Note, this offer was proposed by management.
So, it only averages 8+% each year, over the next four years.