LOA19
10-04-2023, 06:38 PM
#2
The REAL Bluedriver
Joined APC: Sep 2011
Position: Airbus Capt
Posts: 6,881
Originally Posted by I was inverted
LOA19:
VILs
17% NEC eff 2025
Elimination of the Cliff (profit sharing might be ok now?)
fixed one of the issues with the snap up
discuss
VILs
17% NEC eff 2025
Elimination of the Cliff (profit sharing might be ok now?)
fixed one of the issues with the snap up
discuss
Next they need to increase the pool of money set aside. I believe right now it is 10% of profits (the trigger for higher withholdings is absurd), where 15% is more standard. But I haven't looked at all these new contracts at our peers, the average/standard for profit sharing pool set-aside could have improved.
Again, very big step in the right direction.
10-04-2023, 07:57 PM
#3
Gets Weekends Off
Joined APC: Jul 2008
Posts: 776
Originally Posted by Bluedriver
Profit sharing is definitely NOT ok now, but this was a big step in the right direction. The cliff was the single BIGGEST factor in us not getting checks during average/good financial performance years.
Next they need to increase the pool of money set aside. I believe right now it is 10% of profits (the trigger for higher withholdings is absurd), where 15% is more standard. But I haven't looked at all these new contracts at our peers, the average/standard for profit sharing pool set-aside could have improved.
Again, very big step in the right direction.
Next they need to increase the pool of money set aside. I believe right now it is 10% of profits (the trigger for higher withholdings is absurd), where 15% is more standard. But I haven't looked at all these new contracts at our peers, the average/standard for profit sharing pool set-aside could have improved.
Again, very big step in the right direction.
VILs will be very senior, which is good for the company.
17% puts us at industry average, albeit a year late.
Profit Sharing is just to get the language solid and precedent before the JCBA. Bottom line is this airline, merged, isn’t going to turn a pre-tax profit for years to come. Very glad to shore up the cliff, hopefully we can secure better than 10% in JCBA negotiations.
Overall…2 thumbs up in my opinion.
10-04-2023, 09:05 PM
#5
Gets Weekends Off
Joined APC: Jul 2008
Posts: 776
Originally Posted by GrayFlyer
I have (had?) no reason to leave. I like it here. But this is reminiscent of covid times. Is there some reason the VILs shouldn't be very concerning?
https://www.reuters.com/business/aerospace-defense/rtx-expects-3-bln-hit-q3-pratt-whitney-gtf-engine-issues-2023-09-11/
Spirit has even more exposure to this engine than we do.
10-04-2023, 09:12 PM
#6
Gets Weekends Off
Joined APC: Jan 2019
Posts: 317
Originally Posted by GrayFlyer
I have (had?) no reason to leave. I like it here. But this is reminiscent of covid times. Is there some reason the VILs shouldn't be very concerning?
10-05-2023, 12:30 AM
#7
Gets Weekends Off
Joined APC: Feb 2023
Posts: 175
Originally Posted by SmitteyB
Aircraft delivery delays and Neo engine issues that will hurt block hours for the Airbus fleets.
https://www.reuters.com/business/aerospace-defense/rtx-expects-3-bln-hit-q3-pratt-whitney-gtf-engine-issues-2023-09-11/
Spirit has even more exposure to this engine than we do.
https://www.reuters.com/business/aerospace-defense/rtx-expects-3-bln-hit-q3-pratt-whitney-gtf-engine-issues-2023-09-11/
Spirit has even more exposure to this engine than we do.
I think it’s less about deliveries and more about a looming recession.
10-05-2023, 01:44 AM
#10
Gets Weekends Off
Joined APC: Feb 2023
Posts: 175
Originally Posted by seekingblue
…… but we are still hiring? Even though we are offering VIL’s. Clearly the company thinks this is a temporary issue
it’s temporary until it’s not. But it’s a good LOA. Save jobs if things go bad.
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