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US Airways Employees Share $47 Million in Profit Sharing

TEMPE, Ariz., Mar 09, 2011 (BUSINESS WIRE) -- For the first time since 2007, US Airways* (NYSE: LCC) employees will receive profit sharing checks recognizing their contribution to the Company*s second most profitable year ever. Today*s payout to eligible employees totals more than $47 million.

In addition to today*s profit sharing payouts, employees received more than $25 million in operational incentive bonuses and employee recognition awards over the past year, totaling more than $72 million in recognition payouts for employees* strong performance in 2010.

US Airways* Chairman and Chief Executive Officer, Doug Parker said, **Thank you and congratulations to our professional team members on an outstanding 2010. Our team ran a safe, reliable airline in 2010, completing more scheduled flights and delivering baggage more reliably than our network peers. Our customers have noticed the turnaround and our financial results reflect these positive results.**

Profit sharing payouts to individual employees vary by base salary and terms of employees* respective collective bargaining agreements. In addition to sharing in the Company*s 2010 profitable results, all employees shared an additional $24 million in payouts from the airline*s Triple Play incentive plan. On average each employee received $650 in total Triple Play payouts for first place rankings among the **Big Five** network carriers in the monthly U.S. Department of Transportation*s (DOT) Air Travel Consumer Report in any of three metrics - baggage handling, on-time performance and customer service.

In 2010 more than 1,500 US Airways employees also were recognized by customers and co-workers for their extraordinary efforts through two other employee-incentive programs: the quarterly Above & Beyond awards and the annual Chairman Award recognition program. Combined, those programs awarded employees more than $1 million.

This week US Airways is hosting employee celebrations at its 200 airport and operational support locations across its system to recognize both its number one DOT ranking in baggage handling in 2010 and the Company*s return to profitability. That strong operational performance also is continuing in 2011. On Monday the DOT ranked US Airways number one in January for baggage handling among the **Big Five** network carriers. That triggered the Company*s first $50 per employee Triple Play payout (or a total of $1.8 million), which employees will receive later this month.

02.04.2011. 08:05

 

 
 
 

 
 
 
 
 

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