Tired_All_The_Time
10th Mar 2010, 04:49
2010 Special Ex-Gratia Payment
Our Chief Executive announced today that the Company will pay a one-off special ex-gratia payment to employees who have participated in certain cost saving schemes and initiatives during the challenging period in 2009, in recognition of their continued support to the Company. This document sets out eligibility and details of the Payment.
1. Definition
Terms for the purpose of this document are defined as follows:
“Company” – Cathay Pacific Airways Limited.
SLS 2009 – The Special Leave Scheme introduced by the Company in 2009.
ULV 2009 – The Voluntary Unpaid Leave introduced by the Company in 2009.
“Payment” – The special ex-gratia payment payable subject to the terms of this document.
“Relevant Amount”
For employees who gave consent and participated in the SLS 2009, Relevant Amount refers to the total amount of the salary reduced under the SLS 2009;
For employees who have taken the ULV 2009 with ULV days converted as SLS by the Company, Relevant Amount means the amount of basic salary of the employees (and where applicable, plus title or rank related fixed allowances) reduced in respect of the converted days;
For employees who have taken the ULV 2009 with ULV days converted as SLS by the Company and whose monthly salary is calculated by reference to minimum guarantee hours, Relevant Amount means the amount of applicable “base pay” of the employees (i.e. the amount that equates to the Minimum Guaranteed Flying Hours or Base Credit as per the applicable Conditions of Service) reduced in respect of the converted days ;
For certain Cockpit Crew who elected to change to Conditions of Service 08 on July 1st 2009, Relevant Amount means the amount of basic salary of the Cockpit Crew (and where applicable, plus title or rank related fixed allowances) treated by the Company as reduced in respect of the number of SLS days deemed by the Company as having been taken in the SLS 2009;
“Job Level” – The job level as of the deadline date of the SLS 2009 consent period.2. Eligibility
Subject to the exceptions in paragraph 3 below, employees who are on the Company payroll on 31st March 2010 and fall under one of the below categories are eligible to receive the Payment:
Employees who gave consent and participated in the SLS 2009;
Employees who have taken the ULV 2009 with unpaid leave days converted to SLS are deemed to have participated in SLS 2009;
Certain Cockpit Crew who elected to change to CoS 08 in 20093. Exceptions
Employees who resign from their employment with the Company without serving the full period of their notice or making a payment in lieu of notice will not be eligible for the Payment, regardless of whether they are on payroll on 31st March 2010.4. Method of Calculation of the Payment
Eligible employees will receive the Payment according to individual’s Job Level as stipulated below:
Job LevelAmount of PaymentLevel A100% of the “Relevant Amount”Level B100% of the “Relevant Amount”Level C100% of the “Relevant Amount”Level D & above90% of the “Relevant Amount”5. Time of Payment
The Payment will be paid to eligible employees in April 2010.
6. Note
The Payment is a one-off special ex-gratia payment made at the Company’s absolute discretion and the Company reserves the rights to, increase, reduce or withhold the Payment to an employee under any circumstances. Nothing in this document confers any contractual obligation on the Company (either in relation to the Payment or in relation to future payments which the Company may or may not decide to make). In addition, given the ex-gratia nature of the Payment, the Company reserves the right to apply the amount of the Payment against any claim which an employee may bring relating to the SLS 2009.
The law governing this special ex-gratia payment is the law of the Hong Kong Special Administrative Region.
This document has been prepared primarily for the Company’s employees whose employment is based in Hong Kong. In relation to the Company’s employees based in other countries or territories, Regional General Managers / Country Managers / Based Crew Managers shall adopt the principle that the Payment is for recognition of employees’ personal financial contribution to the Company, through the SLS 2009 or ULV 2009 (deemed as the SLS or the CoS 08 mentioned in this document); and that the Payment made will not be more than the actual amount the employee contributed in the SLS Scheme. Respective countries or ports will develop appropriate guidelines for similar payment to the relevant employees, taking into account any applicable local laws and regulations.
Our Chief Executive announced today that the Company will pay a one-off special ex-gratia payment to employees who have participated in certain cost saving schemes and initiatives during the challenging period in 2009, in recognition of their continued support to the Company. This document sets out eligibility and details of the Payment.
1. Definition
Terms for the purpose of this document are defined as follows:
“Company” – Cathay Pacific Airways Limited.
SLS 2009 – The Special Leave Scheme introduced by the Company in 2009.
ULV 2009 – The Voluntary Unpaid Leave introduced by the Company in 2009.
“Payment” – The special ex-gratia payment payable subject to the terms of this document.
“Relevant Amount”
For employees who gave consent and participated in the SLS 2009, Relevant Amount refers to the total amount of the salary reduced under the SLS 2009;
For employees who have taken the ULV 2009 with ULV days converted as SLS by the Company, Relevant Amount means the amount of basic salary of the employees (and where applicable, plus title or rank related fixed allowances) reduced in respect of the converted days;
For employees who have taken the ULV 2009 with ULV days converted as SLS by the Company and whose monthly salary is calculated by reference to minimum guarantee hours, Relevant Amount means the amount of applicable “base pay” of the employees (i.e. the amount that equates to the Minimum Guaranteed Flying Hours or Base Credit as per the applicable Conditions of Service) reduced in respect of the converted days ;
For certain Cockpit Crew who elected to change to Conditions of Service 08 on July 1st 2009, Relevant Amount means the amount of basic salary of the Cockpit Crew (and where applicable, plus title or rank related fixed allowances) treated by the Company as reduced in respect of the number of SLS days deemed by the Company as having been taken in the SLS 2009;
“Job Level” – The job level as of the deadline date of the SLS 2009 consent period.2. Eligibility
Subject to the exceptions in paragraph 3 below, employees who are on the Company payroll on 31st March 2010 and fall under one of the below categories are eligible to receive the Payment:
Employees who gave consent and participated in the SLS 2009;
Employees who have taken the ULV 2009 with unpaid leave days converted to SLS are deemed to have participated in SLS 2009;
Certain Cockpit Crew who elected to change to CoS 08 in 20093. Exceptions
Employees who resign from their employment with the Company without serving the full period of their notice or making a payment in lieu of notice will not be eligible for the Payment, regardless of whether they are on payroll on 31st March 2010.4. Method of Calculation of the Payment
Eligible employees will receive the Payment according to individual’s Job Level as stipulated below:
Job LevelAmount of PaymentLevel A100% of the “Relevant Amount”Level B100% of the “Relevant Amount”Level C100% of the “Relevant Amount”Level D & above90% of the “Relevant Amount”5. Time of Payment
The Payment will be paid to eligible employees in April 2010.
6. Note
The Payment is a one-off special ex-gratia payment made at the Company’s absolute discretion and the Company reserves the rights to, increase, reduce or withhold the Payment to an employee under any circumstances. Nothing in this document confers any contractual obligation on the Company (either in relation to the Payment or in relation to future payments which the Company may or may not decide to make). In addition, given the ex-gratia nature of the Payment, the Company reserves the right to apply the amount of the Payment against any claim which an employee may bring relating to the SLS 2009.
The law governing this special ex-gratia payment is the law of the Hong Kong Special Administrative Region.
This document has been prepared primarily for the Company’s employees whose employment is based in Hong Kong. In relation to the Company’s employees based in other countries or territories, Regional General Managers / Country Managers / Based Crew Managers shall adopt the principle that the Payment is for recognition of employees’ personal financial contribution to the Company, through the SLS 2009 or ULV 2009 (deemed as the SLS or the CoS 08 mentioned in this document); and that the Payment made will not be more than the actual amount the employee contributed in the SLS Scheme. Respective countries or ports will develop appropriate guidelines for similar payment to the relevant employees, taking into account any applicable local laws and regulations.