Southwest Is Distributing Profits Among Its Employees Equaling Up To 6 Weeks Of Extra Pay
Despite rough skies in general for the airline industry this year, Southwest Airlines still was able to surprise its employees with a bonus.
On February 6, the budget airline announced that it would be paying out a bonus to all eligible employees.
The airline will be sharing $667 million with its workers, distributed to approximately 60,000 people reports CNN. The amount of the bonus will average to an extra six weeks of pay for all eligible employees according to a tweet sent by Southwest CEO Gary Kelly.
As one of the biggest airlines in the world, Southwest is known for treating its employees well and this latest announcement proves their commitment to keeping their workers happy.
This bonus also includes money from Boeing that was awarded to the airline as an apology for the financial and logistical headaches incurred by the grounding of its 737 MAX aircraft as outlined in a press statement released by the company.
The six weeks of pay is roughly 12.2% of the total annual compensation of each employee. 10% of this amount will come as compensation to the ProfitSharing Plan while the remaining 2.2% will be distributed as a cash bonus. Some employees have elected to receive the entire bonus as part of their retirement accounts.
It was not an easy year for the airline industry, however, most carriers finished strong in the fourth quarter to close out the fiscal year. Delta Airlines also recently announced a generous bonus program for its employees, allocating $1.6 billion in profit-sharing to reward its employees according to Forbes.
For more on this story and how the airline industry has weathered adversity this year, be sure to watch this interesting news story. After you have watched the clip, you can spread the news to everyone else in your social network.