Originally Posted by
Macjet
WAG, but here goes. The gubberment pays NK to keep pilots employed at 72 hrs/month until Sept 1 (or whatever the date is). NK receives grant money for such and then convinces 1,000 pilots to be paid for 50 hrs/month for a net PROFIT of 22,000 credit hours per month (round, round numbers) and then furloughs the bloody !@#$ out of everyone with a fatter cash balance than they started. Am I missing something?
After a little light reading it’s a lump sum of payroll and benefits from 4/1/2019 - 9/30/2019. Not necessarily 72hrs. It’s also total of all employees (and contractors I think) not just pilots obviously. So it would seem they could move the money around as they see fit to stretch it out. We also carry more employees now than we did during that period so the pay and benefits obligation is larger than it was last year save that there will be much lower line credit values now since we aren’t flying.
it looks like if they take loan money they cannot furlough more than 10% for a two year period.
I guess we don’t know a lot yet and if they will take any grants or loans. I also may be misreading a lot so I’ll defer to our pros at ALPA to interpret it correctly.