donpizmeov
13th Dec 2010, 14:21
Shareholders are expected to take on risk and hence receive large rewards and/or losses as both
dividends and share price fluctuate. The Company’s lenders receive regular payments for the capital they
provide. The fuel suppliers, engineering and maintenance, catering suppliers, etc all expect to be paid for
their services regardless of how well the Company is doing.
We can’t imagine the Company going to a bank saying “we will pay you below market interest rates now
in good times because we will continue to pay you when times are bad, so you should be happy with
that”. It seems the Company expects pilots to take on the essential role of keeping the passengers safe
over high terrain, during unforeseen emergencies etc, but then be grateful they are not made redundant
in bad times. And for that we can expect an average of 2.8% per annum to share for the good times. We
are treated like shareholders when times are bad, and lenders when times are good.
The above is part of article written by the Hong Kong AOA to its pilot members when discussing their ongoing pay negotiations. Strikingly close to our own "you are all lucky to have a job!", or "we honoured all new joiner pilots by giving start dates when we didn't need to..."; Even though we are all working to max legal limits on min legal rest.
EK Capts are earning AED8400 per month less today then before the productivity level was changed last year, because times were hard, we only made a bit over $US1 billion remember? Allowing for leave etc lets use 800 of the 1200 captains per month, or savings of AED6,720,000 per month to the company, or AED 80,640,000 per year from Captains alone. So we can safely say that at least $US22million has been given to EK coffers from the pilots pocket (remember these numbers were for captains only, FOs donations were not considered so the number will be much larger).
DEWA is increasing 15% in Jan 2011, and John Howard has promised that EK has a team investigating what the EK response to this will be. Didn't our contract say they would provide gas, elec and water?
School fees have increased by over 30% and the allowance has remained the same.
So come next may, if the declared bonus for a Capt is AED 84000 (allowing 2 months leave etc) he will break even to his preproductivity change days (less the extra school fees and DEWA if you have these).
On the other hand, your leaders, who have not had to share the pain in any monetary way, will be streets ahead.
I do hope they send a lovely card to us all thanking us for their increased bonuses.
Keep recovering
The Don
dividends and share price fluctuate. The Company’s lenders receive regular payments for the capital they
provide. The fuel suppliers, engineering and maintenance, catering suppliers, etc all expect to be paid for
their services regardless of how well the Company is doing.
We can’t imagine the Company going to a bank saying “we will pay you below market interest rates now
in good times because we will continue to pay you when times are bad, so you should be happy with
that”. It seems the Company expects pilots to take on the essential role of keeping the passengers safe
over high terrain, during unforeseen emergencies etc, but then be grateful they are not made redundant
in bad times. And for that we can expect an average of 2.8% per annum to share for the good times. We
are treated like shareholders when times are bad, and lenders when times are good.
The above is part of article written by the Hong Kong AOA to its pilot members when discussing their ongoing pay negotiations. Strikingly close to our own "you are all lucky to have a job!", or "we honoured all new joiner pilots by giving start dates when we didn't need to..."; Even though we are all working to max legal limits on min legal rest.
EK Capts are earning AED8400 per month less today then before the productivity level was changed last year, because times were hard, we only made a bit over $US1 billion remember? Allowing for leave etc lets use 800 of the 1200 captains per month, or savings of AED6,720,000 per month to the company, or AED 80,640,000 per year from Captains alone. So we can safely say that at least $US22million has been given to EK coffers from the pilots pocket (remember these numbers were for captains only, FOs donations were not considered so the number will be much larger).
DEWA is increasing 15% in Jan 2011, and John Howard has promised that EK has a team investigating what the EK response to this will be. Didn't our contract say they would provide gas, elec and water?
School fees have increased by over 30% and the allowance has remained the same.
So come next may, if the declared bonus for a Capt is AED 84000 (allowing 2 months leave etc) he will break even to his preproductivity change days (less the extra school fees and DEWA if you have these).
On the other hand, your leaders, who have not had to share the pain in any monetary way, will be streets ahead.
I do hope they send a lovely card to us all thanking us for their increased bonuses.
Keep recovering
The Don