Fri, Feb 12, 2016
Gives Employees Record $620 Million For 2015
Southwest Airlines will share $620 million through its ProfitSharing Plan with its Employees for 2015—equaling approximately 15.6 percent of each eligible Employee's eligible compensation, or the equivalent of eight weeks' pay.
This $620 million contribution—nearly $1.7 million a day—is the largest total dollar amount Southwest has ever allocated to ProfitSharing. This amount, which will be funded April 29, is more than the cumulative contributions to the Plan over the first 25 years ($559 million from 1974-1998). Over four decades, Southwest profitsharing contributions will have totaled over $3.4 billion—and more than $1.4 billion for the past five years alone (2011-2015).
"Behind every milestone Southwest Airlines has celebrated—and there have been many—our Employees are the driving force. I'm incredibly proud of the Teamwork and Heart behind every accomplishment," said Gary Kelly, Chairman, President, and CEO of Southwest Airlines. "Our People have built one of the world's most admired companies, and they share in Southwest's success with this third consecutive record-breaking profit sharing contribution."
When this profit sharing contribution is added to the Company's $325 million in Company match and other amounts contributed to the Southwest retirement plans, Southwest will have rewarded Employees with a 2015 total retirement benefit of approximately $945 million. In addition to retirement contributions, Southwest Airlines also invested approximately $672 million in its Employees' other benefits during 2015, including healthcare coverage, and other welfare and wellness programs. In total, that's more than $1.6 billion dedicated to the wealth and wellbeing of Southwest Employees in 2015 alone, on top of base salaries.
Southwest was the first in the industry to offer a ProfitSharing Plan. Through the plan, Southwest Employees currently own more than four percent of the Company's outstanding shares.
(Image from file)
More News
Airbus Racer Demonstrator Makes Inaugural Flight Airbus Helicopters' ambitious Racer demonstrator has achieved its inaugural flight as part of the Clean Sky 2 initiative, a corners>[...]
A little Bit Quieter, Said Testers, But in the End it's Still a DA40 Diamond Aircraft recently completed a little pilot project with Lufthansa Aviation Training, putting a pair of >[...]
Line Up And Wait (LUAW) Used by ATC to inform a pilot to taxi onto the departure runway to line up and wait. It is not authorization for takeoff. It is used when takeoff clearance >[...]
Contributing To The Accident Was The Pilot’s Use Of Methamphetamine... Analysis: The pilot departed on a local flight to perform low-altitude maneuvers in a nearby desert val>[...]
From 2015 (YouTube Version): Overcoming Obstacles To Achieve Their Dreams… At EAA AirVenture 2015, FedEx arrived with one of their Airbus freight-hauling aircraft and placed>[...]