US Airways Employees Share $12 Million in Profit Sharing
By algevis - Sat Mar 17, 2:31 am
For the second year in a row, US Airways’ (NYSE: LCC) employees will receive profit sharing checks recognizing their contribution to the Company’s full year profit. US Airways reported a $111 million profit for 2011. Today’s payout to eligible employees totals more than $12 million.
In addition to today’s profit sharing payouts, employees earned more than $13 million in operational incentive bonuses over the past year, bringing the total in recognition payouts for US Airways employees to more than $25 million in 2011.
US Airways’ Chairman and Chief Executive Officer, Doug Parker said, “Despite high fuel prices throughout the year, our US Airways team delivered outstanding results that resulted in a profit for the second year running. I’m pleased that our team is sharing in that success. US Airways employees took exceptional care of our customers and are already breaking company records this year for on-time performance, highest completion factor and lowest mishandled baggage ratio.”
In addition to sharing in the Company’s 2011 profitable results, all employees earned an additional $13 million in payouts from the airline’s Triple Play incentive plan. On average each employee received $350 in total Triple Play payouts for seven first place rankings in 2011 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 2011 more than 1,400 US Airways employees were recognized by customers and co-workers for their extraordinary efforts through two other employee-recognition programs: the quarterly Above & Beyond awards and the annual Chairman Award program. Combined, those programs awarded employees more than $1 million.
“In 2011, more than 67,000 US Airways customers recognized exceptional customer service and gave our employees award coupons at airports worldwide and onboard our airplanes to thank them on the spot for a job well done. I’d like to thank those customers and the thousands of other customers who sent us complimentary letters about employees. We are extremely proud of our team and we appreciate you taking the time to recognize them,” Parker said.