Guess Where Our (EK)Bonus Went

[motojet]

No wonder our bonus was rather small;:hmm:



gulfnews : Emirates sets Dh1.6b payout (http://gulfnews.com/business/aviation/emirates-sets-dh1-6b-payout-1.629353)



Dubai: Emirates Group, which last week announced Dh4.2 billion ($1.1 billion) net profits for year ending March 31, 2010, will pay Dh1.6 billion, or more than a third of its profits, to its shareholder, the Dubai Government.

"Emirates has declared a dividend of Dh1.6 billion [$424 million] to its parent, the Investment Corporation of Dubai, a wholly owned Government of Dubai entity," the airline said in a statement.

This is the highest dividend to be paid to the Dubai Government by Emirates, the most powerful Arab brand, which was established with a mere $10 million start-up capital in 1985 with two aircraft.

Emirates' strong financial results come at a time when the global financial crisis is taking a heavy toll on the aviation and tourism industry.

Last year, airlines lost $9.4 billion, while Emirates quadrupled its profits by cutting costs amid falling yields and backed by lower jet fuel prices.

"Against a background of the worst global recession in generations, large-scale economic uncertainty and unforgiving markets, the Emirates Group faced arguably its sternest test," Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and Group, said.

"We came through these difficult times with flying colours."

The results also demonstrate a strong and sustainable business model pursued by the airline — which directly and indirectly contributes roughly a fourth to Dubai's economy.

"With this, Emirates' leadership, especially Shaikh Ahmad, has proven that companies could make money even in difficult situations," a Dubai-based financial analyst said.

"Although aviation assets are not as strong as real estate and other assets, Emirates' recent success proves otherwise."

Shaikh Ahmad last year was named the chairman of a fiscal committee to restructure the government's financial burden.

"With Emirates, he has the best credentials to help Dubai navigate out of the situation," he said, requesting anonymity.

Emirates results also come at a time when one of the Dubai Government's biggest subsidiaries, Dubai World, is negotiating with creditors to restructure its debts.

[Marooned]

EKs $1.1 billion profit (real or not) pales into insignificance when you realize that Dubai Inc is still up to it's neck in debt:

BBC Business commenting on Dubai World's debt restructuring:

But Dubai's financial crisis is far from over. Almost six months to the day that Dubai sent shockwaves around the world, there's still little confidence. There's also the matter of Dubai's overall debt burden. That currently stands at whopping $109bn.

That's the current bailout the EU has had to cough up to support Greece with a population of 11.5 million. Dubai; 1.4 million. That's $78,000 for every man, women and child against Greece's $9,500.

[fatbus]

what difference is that going to make to my pay

[ProteaPete]

Emirates Group, which last week announced Dh4.2 billion ($1.1 billion) net profits for year ending March 31, 2010, will pay Dh1.6 billion, or more than a third of its profits, to its shareholder, the Dubai Government. That's been obvious for months now. Many, many reports for quite some time in various business publications detailing how the debt burden which was paid by AD will be recouped from gov't holdings.

[Marooned]

Fatbus; Absolutely nothing. Any profits will be syphoned off to the shareholders and their companies in an ultimately wasted attempt to keep DXB Inc solvent. Ek has to support a myriad of dysfunctional, corrupt businesses and quangos.

Emirates profits came through cost cutting (reducing staff and pay) and an increase in productivity (fatigue). Now they have reached a new low cost base. They will only be looking to sustain this new low or reduce it further.

Ultimately EK it is being polished up for a IPO but Dubai World has served as a warning to any would-be investors that nothing is what it seems in the world of smoke and mirrors.

[Alconguin Crusader]

How much profit would have Emirates made if it did not steal so much from its employees?
The management loves to take credit for the large amount but it came on the backs of its employees.

[Alconguin Crusader]

And the middle east has equal rights and medical care ABC? You for one better be the last one to point fingers at anyone. Look at your 3rd world police state before you make statements like you did.
Besides what does your statement have to do with EK stealing from us? My question is how much profit would they have made if we did not "give" them so much of our salary.

[Alconguin Crusader]

And how are the slaves in the UAE living? Look at your own ****ehouse before you start pointing fingers. Good thing the police state does not allow unions, any government agency regulating its aviation sector or the most basic of any civilizied nation the Rule of Law. If they allowed any of the above the whhole country would be in for a very rude awakening.
The US has more people apply and accepted into the US each year for immigration than the rest of the nations combined so what does that say about people wanting to come to live in "squalor." The country can't be that bad now can it.
The difference between the US and the 3rd world police state that you defend is that when something does go wrong in the US it is quickly corrected albeit in the FREE Market or by the courts.
Like me guess, the US is so bad but you went down to the US consulate on your day off without pay to get your US Visa? You must be from the sand box because the double standard is par for the course in this region.
the question remains; how much would the profit have been if our money was not stolen? Having trouble answering the questin aren't you?

[White Knight]

Slave labour, when is the US/UK going to own up to their fair share of great atrocities that were and are still being committed around the world, and will be for generations to come?

What about the Romans?


Dipstick:rolleyes::rolleyes::rolleyes::rolleyes:

[145qrh]

Romans..don't get me started. What did the Romans ever do for us...:=


:}

[White Knight]

Mmmm - aquaducts, schools, roads.. And they did it without the jinglies:cool:

[145qrh]

Yeah, I'll give you aquaducts, schools, roads, but apart from that WHAT did the Romans ever do for us...:O

(Sorry I'll stop now..Just couldn't resist..:\)


And remember there is absolutely no cause for alarm..

[atuk]

my 2 cents:
You are an employee, they are THE OWNER. they pay you your salary AND bonus (not as much as you'd wish but still..)...AND a raise...they pay their OWNER some dividend, and kept some for future working capital/cash reserve and settling debts....it sounds very normal, right and fair to me....many would be thankful and grateful if they're in your position.
Down at EY, in the so called "richer" cousin part of the country that bailed Dubai out with billions, apart from salary...got nothing...no bonus, no raise....coz the airline are run by incompetents with no past track records to shout about...except failures...Gulf Air?? Ansett?.. ;)
Unfortunately they are skillful salesman (well..he was a car salesman)....that can sell sand to the Arabs.
Sad....sad & sorry to see such a great potential airline being plundered and run down by these fools...

[acegreaser]

Singapore Airlines profit $216mil.

Heard staff were given 1.4 months bonus and pay-cut reinstated.

Anyone care to confirm.

What did we get again on a US$1.1bil?

[EK-or-bust]

Well said Atuk. Finally someone with common sense on this amazingly negative forum.

Time (again) for the moaners in EK to go home to the sooo much greener grass they have at home or in various other parts of the world.
Please chaps: resign from EK asap and take your negativity with you. There surely must be better companies out there that will hire you in a jiffy. Not?
Moaning only works in normal companies in unionised parts of the world. Never have in EK. Never will. But you knew that when you joined, didn't you? I sure did.
If you did not pack a large jar of vaseline when you joined, you did not do your homework. So blame yourself. And stop moaning :bored:

[dustyprops]

Ek-or-bust,

Management by any chance? Gotta be with a post like that. You obviously packed your large jar of vaseline and obviously enjoy it large.

Notice how you are in the minority, and if indeed you feel that you have reached the pinnincle of aviation then why are you on this site?

This low cost carrier scrapes the very bottom of the toilet because it's been taken that way by tw@ts who have no idea what they are doing and are driven by a passion to make everybodies life a misery.

You will not change minds with your pro ek bullsh!t.

[ratpoison]

Ahhh Dusty, you know what newly weds are like during their romp in the HONEYMOON suite. :p

[EK-or-bust]

Dusty old chap. No, just a standard Boeing driver like so many others. No stars, only stripes.

In the minority yes, I guess most just fly by this forum without saying much. Been a few years since I visited PPrune, did the obvious research before joining, but finding advice from regular line-guys more helpful (& useful) than the negativity seen here. Contrary to common belief, there are an overwhelmingly amount of satisfied drivers in EK. Could things be better? Sure. But we are in the ME. Case closed.

Life a misery? Then change. Otherwise you be the stupid one, right?

June roster out a few hours ago: mid-bid, 14 days OFF, with a few extra rest days thrown in. Still pull my 88+ hours though, but lots of time with the family, on the beach, in the mountains, etc. Might even manage 4 days in Milano or Venice. Tired? Somewhat. Fatigued? No.
AED 54,000 tax-free salary at the end of the month does not hurt either.
Could I have done this in my home country in western Europe with my flag carrier (where I used to work). No. Short & sweet.

If you're a bus-driver I feel for you, but then again, you knew this when you joined, right? Having read plenty of old(ish) posts on this forum, the info was certainly available.
Angry about your upgrade? Again: you know who you signed up to work for right. Vaseline etc? No big surprises there.

So, to potential new joiners coming to the Sandpit to work for Emirates; do your research. It might not be for you. If so, stay away. No point in moaning about anything here, because nobody in management cares. Nor will they care in the future. We are here to make the big shiny things fly & make heaps of money for them. It works.
Know that there are MANY ugly truths about what makes the uAE (lower case u intended) work that might not sit well with you (lots of online info and at least one thread here about that). But show me a country that can throw the first stone, etc.

On the other hand, if you think it might work for you, give it a try. There are loads of happy families living here. Their pilot fathers (and more recently; mothers?) just don't post much on Pprune.

And Dusty: Yes. I do think I can change some peoples minds with this pro EK info.
To the rest of you: do us all a favour and find that greener pasture, yeah? Asap and all that?

[EK-or-bust]

One more thing before bedtime: all the posts here about EK contracts, breach of contract, contract not being honored etc.....
The are no such thing as a contract with Emirates Airlines (apart from the one you sign in blood saying you are bonded for 3 years).

You, as a pilot with EK, have a floating understanding, to be revised every time management feels like, and can change in any number of ways. All they need is to advise you about the change in writing.
Simple. Clearcut.
Ref the new CAL (Contract Adjustment Letter) you just received in your email inbox.

This time your salary went up by 6%, but at any time it can be adjusted down, sideways, housing allowance can diminish, disappear, increase.....the Audi outside your house can be a BMW or a bus....or disappear, as can schooling reimbursement etc. Etc. Etc.

Is it nice? No. But then again - that is how things are done, have been done, and will continue to be done in Emirates.
Deal with it.

[330 Man]

EK or Bust,
I am not sure of your situation when you joined, but when I joined I signed 2 documents. One of them says "TRAINING BOND" on the top and the other says "CONTRACT OF EMPLOYMENT". It is a contract that is valid and binding. (sometimes?) Emirates has in the past lost lawsuits filed in other countries based on breach of contract.

One point I want to make is this. In the last 2 years EK has earned 1.425 billion dollars profit. Over those 2 years the employees have been given 3 weeks profit share, and a 6% pay raise. The government got a large dividend last year and a record dividend this year.

In the 2007-2008 financial year we earned 1.45 billion dollars. That year we were given 14 weeks profit share, 10% raise and a much smaller dividend to the government. Why the disparity and how could it happen?

The answer is simple.
The profit share formula is clearly spelled out in the employee manual. EK management found a way to steal from the employees, get around the profit share formula and give a record dividend to the government in a year that did not have record earnings.

How? By never announcing a profit share target.

No target=no basis for determining profit share. Which means EK can do what ever they want. Which they did. We get 3 weeks and the government gets record dividends.

For ATUK, the EY employees would not be entitled to a profit share because they have never earned a profit. You can call it a profit share or bonus, but with no profit you will get no bonus. Singapore pays a profit share, EK pays one as well but it is based on a minimum profit target. Let Ey charge fares that make a profit, EK will match those fares and we all will get profit share! The EY employees should have gotten a raise though. spin it any way you want but inflation in the UAE is huge and out of controll. I do agree with you about your management. JH has never run a profitable or successful airline.

I heard this the other day on the golf course and for some it is true:
The day you get hired by EK should be the first day you start looking for your next job.

Good luck to us all!

330 man