Profit Sharing Plan Implemented
03-23-2016 | 01:58 PM
#1
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Child of the Magenta
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From: 737
Profit Sharing Plan Implemented
03-23-2016 | 02:14 PM
#2
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Child of the Magenta
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From: 737
We will reinstate profit sharing at the same 5% funding rate that was ratified by all American contract employees prior to our merger. This means the company will set aside 5% of our annual pre-tax income (before special items) every year, and that pool of money will be shared among all participants. Although this 5% rate is lower than our peers, we plan to offer hourly pay rates higher than those same peers in the contracts we’re negotiating now and in those to be negotiated in the future. As we have demonstrated in all joint contracts already reached, our view continues to be that we should set industry-leading pay rates as we negotiate our contracts so that higher pay is reflected in each paycheck, every pay period, throughout the year, and that your paycheck recognizes the work you do every day.
03-23-2016 | 02:51 PM
#5
Gets Weekends Off
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I don't think we're even getting 5% of our pay rates, just a flat shared 5% with 90,000 other employees.
It's a step in the right direction, but a very, very small one. I'd rather have an increase in f time pay ratio or min calendar day.
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It's a step in the right direction, but a very, very small one. I'd rather have an increase in f time pay ratio or min calendar day.
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03-23-2016 | 02:54 PM
#6
Line Holder
Joined: Jul 2012
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Much higher, but those rates were negotiated by their respective unions during contract talks. This wasn't negotiated, management just decided to listen to their employees. Of course some guys over here are already *****ing about it.... amazing.
03-23-2016 | 02:54 PM
#7
Gets Weekends Off
Joined: Dec 2007
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From: Window seat
5% into the pool doesn't necessarily mean a 5% payout. The details of how they'll structure the plan will explain if they plan on paying based on per capita or based on income. Or hours worked?
03-23-2016 | 03:14 PM
#8
Gets Weekends Off
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From: A330
They had to do something the unions were starting to make real noise and the street was starting to note the labor problems... I'm sure it'll be only the absolute minimum to get people to keep on with the dollar store airline that he's running. When the profit sharing payout is as good or better than UAL, I'll consider paying attention. Until then it's exactly as the Philly Reps have said for years. They only do the right thing when they are backed up against a wall and have no other choice. This simply was one of those times. Just wait for the excitement to die off and you'll quickly see we are still compensated less than Delta & United.
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