Profit Sharing
02-10-2012 | 01:52 PM
#51
Gets Weekends Off
Joined: Apr 2006
Posts: 2,750
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From: 737 CA
Poor UAL guys...........got nothing but a seniority number at CAL AND UAL now. Their OWN guys sold them out and we give them a job and now WE are the problem. Just goes to show how screwed up things are at UAL. Interesting how such a great airline has screwed so many, yet the blame lies with us. We won't ever get it apparently, but what we WILL get is our eye on the REAL things that matter, like SCOPE. You guys over at UAL keeping focusing on the little things like not wearing hats, we'll work on keeping our jobs.......................
Sled
02-10-2012 | 02:46 PM
#52
Keep Calm Chive ON
Joined: Feb 2008
Posts: 2,086
Likes: 0
From: Boeing's Plastic Jet Button Pusher - 787
Position Report
(Friday - 02/10/12)
Quote: Captain Jay Pierce
On another positive note, I received a letter from management this week detailing the computations for the profit sharing distribution our pilots will receive next week. We, of course, will have ALPA E&FA verify the accuracy of the information provided, but at first glance, it appears valid. The CAL pilots’ share of the Company-wide $245 million profit-sharing pool is $31 million; each CAL pilot will receive roughly 4.983% of their eligible 2011 earnings. As you know, our participation in the plan for 2011 was not a certainty until recently. That does not mean, in any way, that you did not earn this compensation. You most certainly did and I know you will put the money to good use. Whether you use it to make up for some of the shortfalls of our current contract or save for a rainy day, you earned every dime.
(Friday - 02/10/12)
Quote: Captain Jay Pierce
On another positive note, I received a letter from management this week detailing the computations for the profit sharing distribution our pilots will receive next week. We, of course, will have ALPA E&FA verify the accuracy of the information provided, but at first glance, it appears valid. The CAL pilots’ share of the Company-wide $245 million profit-sharing pool is $31 million; each CAL pilot will receive roughly 4.983% of their eligible 2011 earnings. As you know, our participation in the plan for 2011 was not a certainty until recently. That does not mean, in any way, that you did not earn this compensation. You most certainly did and I know you will put the money to good use. Whether you use it to make up for some of the shortfalls of our current contract or save for a rainy day, you earned every dime.
02-10-2012 | 02:59 PM
#53
Line Holder
Joined: Feb 2012
Posts: 57
Likes: 0
Position Report
(Friday - 02/10/12)
Quote: Captain Jay Pierce
On another positive note, I received a letter from management this week detailing the computations for the profit sharing distribution our pilots will receive next week. We, of course, will have ALPA E&FA verify the accuracy of the information provided, but at first glance, it appears valid. The CAL pilots’ share of the Company-wide $245 million profit-sharing pool is $31 million; each CAL pilot will receive roughly 4.983% of their eligible 2011 earnings. As you know, our participation in the plan for 2011 was not a certainty until recently. That does not mean, in any way, that you did not earn this compensation. You most certainly did and I know you will put the money to good use. Whether you use it to make up for some of the shortfalls of our current contract or save for a rainy day, you earned every dime.
(Friday - 02/10/12)
Quote: Captain Jay Pierce
On another positive note, I received a letter from management this week detailing the computations for the profit sharing distribution our pilots will receive next week. We, of course, will have ALPA E&FA verify the accuracy of the information provided, but at first glance, it appears valid. The CAL pilots’ share of the Company-wide $245 million profit-sharing pool is $31 million; each CAL pilot will receive roughly 4.983% of their eligible 2011 earnings. As you know, our participation in the plan for 2011 was not a certainty until recently. That does not mean, in any way, that you did not earn this compensation. You most certainly did and I know you will put the money to good use. Whether you use it to make up for some of the shortfalls of our current contract or save for a rainy day, you earned every dime.
It's sad that you are proud of this enote. Another good example of J. trying to show his alliance with Jeff and complete faith in Jeff's direction for the CAL pilots.
02-10-2012 | 05:27 PM
#57
Line Holder
Joined: Feb 2012
Posts: 57
Likes: 0
02-10-2012 | 05:55 PM
#58
Banned
Joined: Oct 2010
Posts: 690
Likes: 0
From: IAH 737 CA
02-10-2012 | 05:55 PM
#59
Gets Weekends Off
Joined: Jul 2010
Posts: 168
Likes: 0
As was mentioned above NO. All employees are included in the pool to calculate EVERYONE's profit sharing. They distribute only to those employees who are participants and then send the rest back to company coffers.
CAL pilots would have been in the pool anyway in order to calculate what you and every other employee would get. We just would not have been participants and that money would be returned to the company.
Example:
Company XYZ has 10 employees.
Company XYZ set aside $15,000 for profit sharing.
Company XYZ calculates every employee's share is $1,500 ($15,000/10)
Company XYZ has two supervisors who don't participate per their work agreements.
Company XYZ pays out $12,000 only to those who participate (8 X $1,500).
The remaining $3,000 goes back to the company coffers.
In other words everyone employee gets their share of the profits but they don't get other employees' shares. Does that make sense? Just a quick and dirty example.
Oh, and L-CAL pilots were not added to the L-UAL plan. L-CAL pilots were added to the profit sharing plan of the new UCH.
CAL pilots would have been in the pool anyway in order to calculate what you and every other employee would get. We just would not have been participants and that money would be returned to the company.
Example:
Company XYZ has 10 employees.
Company XYZ set aside $15,000 for profit sharing.
Company XYZ calculates every employee's share is $1,500 ($15,000/10)
Company XYZ has two supervisors who don't participate per their work agreements.
Company XYZ pays out $12,000 only to those who participate (8 X $1,500).
The remaining $3,000 goes back to the company coffers.
In other words everyone employee gets their share of the profits but they don't get other employees' shares. Does that make sense? Just a quick and dirty example.
Oh, and L-CAL pilots were not added to the L-UAL plan. L-CAL pilots were added to the profit sharing plan of the new UCH.
The broader question might be whether the share of the company's profit for PS were higher and diluted to the $265M, a question only the company could answer but haven't to date.
BTW based on the actual distribution figure, if the hourly credit pay was about $5.00 more then this discussion would be purely academic..
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