Originally Posted by jsled
Besides, according to you're fellow CAL pilots, your old profit sharing formula was not as lucrative as it is now. (15% of pre-tax profit)
FALSE.
The OLD profit sharing plan was much more lucrative to the CAL employees and specifically the CAL pilots as written.
The old profit sharing plan put aside varying percentages based on different tiers of pre-tax profit. I don't have the original document so I will give you an example of how the money placed into the profit sharing pool was determined:
25% of profit up to $250 million.
20% of profit from $250-$500 million
15% of profit above $500 million.
Again these are examples. The percentages determined the pool value.
The pool was divided into two equal halves. Half of the pool was distributed based on each employee's percentage share of income to total payroll. The other half of the pool was distributed in accordance with the percentage of total concessions each work group gave. The pilots gave back the most so they got the biggest share of this half of the pool.
The amounts of money put aside under the OLD plan would be a lot more than this flat 15% of all profit. Talking with some of the captains I have flown with, their PS checks under the old plan were higher. When the change was announced I did a few quick examples of my own and knew then that our PS payout would be less under the new PS plan.