RYANAIR ANNOUNCES NEW 5 YEAR PAY DEAL WITH ITS PILOTS.
Each Pilot to be granted IR£100,000 in share options whilst annual earnings for each pilot will rise to over IR£100,000.
Ryanair, Europe's largest low fares airline today (Wednesday, 3rd January 2001) announced that it had successfully concluded a five year pay, share options and productivity agreement with its 220 plus pilots in the UK and Ireland.
This new agreement will run from 2000 to 2005 and contains a number of new features including:
Relative pay restraint with a 15% increase in basic pay over the five year term
Larger up front increases in productivity rewards in return for enhanced pilot productivity
Improved rosters and better working arrangements for all pilots
Options over IR£100,000 worth of Ryanair shares at a strike price of €10 being granted to each pilot
Welcoming the vote in favour of this long-term pay, productivity and share options agreement with its pilots, Ryanair's Chief Executive, Michael O'Leary said today:
"This pay deal will see all of Ryanair's pilots earnings rising over the next few years to over £100,000 per annum, and continues our policy of highly rewarding our people who continue to ensure that Ryanair is - by some considerable distance - Europe's largest and most successful low fares airline whilst still, and always, offering the lowest air fares in Europe".
Ohhh sorry - that was from 2001