Yes, the $1000 is replacing the awarding of shares.
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The bonus will be paid next week to all current permanent and fixed term staff employed in the Qantas Group in January 2004.
It will apply equally to full and part time employees but will not be paid to executives who are already in an existing bonus scheme.
At the same time, the Board has decided to suspend the Qantas Profit Share Scheme (QPS).
This decision follows a change in accounting rules that now require the value of employee shares issued under the QPS to be treated as an expense in the year they are issued – even though employees are not able to sell those shares for three years. We are examining alternative “at-risk” incentive approaches for future years. "