Monarch 2015
Fact!
Compensation and Benefits
Monarch divides the year into 13 roster periods of 28 days each. Pilots typically fly 9 roster periods full time during the summer and winter peak periods and 4 roster periods at 50% during off peak periods. Compensation is thus pro-rated to 11/13ths of the 100% reference salary.
These are salaried positions with a Cadet FO salary of £21,153 for the first six months, then rising to £32,153. These figures are 11/13ths of the 100% reference salaries, which are £25,000 and £38,000 respectively.
Flying Pay
First Officers receive £14.68 per hour, based on chock-to-chock time or scheduled block hour time, whichever is longer.
Other Pay
Monarch pilots receive pay for various non-flying work related activities such as simulator pay, ground classroom training, positioning pay, stand down pay and split duty pay.
Pension
Monarch contributes 7% of the 100% reference salary to the company pension scheme. This is set to rise 1% per year to a maximum of 10% from 1st November 2016-2018. There are no mandatory employee contributions; however, should an employee wish to contribute additional salary to their pension it will be done on a tax efficient salary sacrifice basis. This will be explained in greater detail during company induction.
Pension members also have a Death in Service Benefit and an Income Protection Scheme.