EY income protection scheme???

[A320PLT]

I took the liberty of copying this from the web site. What is this income protection scheme???

Starting salary of AED 24500 or US$ 6655 per month for First officers and an annual salary increment of AED 500 per month.
Flight duty allowance of AED 40 per flying hour.
Meal allowance during layovers as per the following rates:
-Middle East/ GCC/ Sub Continent AED 12 per hour
-Asia/ Far East AED 15 per hour
-Africa/ Australasia AED 18 per hour
-Europe/ Americas AED 23 per hour

Benefits:

Housing allowance up to AED 115000 per year.

(Or)

Company provided housing depending on availability.
(Or)
The opportunity to take advantage of our innovative "Rent to Buy" house purchase programme.
Education allowance of AED 25000 for primary and AED 35000 for secondary up to 4 children from the ages of 4 up to 19 years old.
Income protection scheme. 42 Days annual leave.
Staff travel benefits.
End of service benefits.
Accidental and life insurance benefits.

[Metro man]

Basically, if you lose your licence, after six months income protection kicks in which pays US$4000/month F/O, and US$5000 Captain for five years.

For the first six months you would be on salary for a while until things were finalised, then you would use up your annual and sick leave. This would get you close to the point where the insurance starts.

If you subsequently regain your licence, and lose it again you would still get five years, previous claim would not be deducted.

[A320PLT]

Ok so it's loss of license insurance. I never would have guessed it based on that.

A320PLT

[Jetjock330]

It's not a loss of license, but a loss of income protection. Something different.

[A320PLT]

Confused all over again now:ugh:

A320PLT

[Jetjock330]

Maybe some of the team can assist on the explanation on this better than me.

The income protection scheme is not like the ERP of Emirates and far from it.

There is a loss of licence on the market and an loss of income protection, similar (same, same, but different as they say in the area). The loss of license means you physically need to lose the license poissibly through a medical, loss of sense (sight, hearing etc... or organ, DUI doesn't count) and then you get a pay out and thats it, but the license must be "lost" forever.

On the other hand, for what ever reason, if for an interim period that you may not be able to fly, you can get paid out until such time you're fit to fly again with no repercussions, and your income is protected to a degree, without losing the license permanently.

I wish I could be more precise, but we were told somewhere why we have the difference and what that difference really is, however, I'm not able to locate the reference to the letter at this time.

Point is, it's not any currency depreciation scheme and it's not a stand alone loss of license. I hope this helps the confusion diminish somewhat!