Profit Share

[airplaneridesrfun]

I am assuming that we collectively are involved in the profit sharing formula for this years profit? Seeing that the relevant managers are shoring up the policy in detail at the current time, there is no reason that we shouldn't all see at least 6 weeks pay for profit share; and that is being extremely conservative!

Any detail on Yammer yet?

[pasa001]

What are you smoking? I'd like some please. It will be more like $1888.00 or one months salary whichever is less and of course sick days will be deducted from said amount.:yuk:

[oriental flyer]

Don't forget the 6 beers as well

Not forgetting of course that the managers deserve a much bigger slice of the pie because they work so much harder than the rest of us, and are sooo much more important to the overall profit of the company

[kiwicx]

at least 6 weeks pay for profit share;


Hahahahahahahahahaha.

Hahahahahahaha

[CowardlyPilot]

No, we definitely get 6 weeks pay, hedged of course

equaling 2000hkd - sickies

[Anotherday]

If you watch Bloomberg you would have seen the analysts talking about our fuel hedge blunder. We're starting each financial year at minus $6billion hkd and we go from there. It is possibly the worse fuel hedge miscalculation in the history of aviation in dollar terms.
The last 3 months have changed analysts predictions in that they now see the cost of oil staying cheaper for longer. Another3 or 4 years.
What CX is doing at the moment is the equivalent to operating with a massive debt load.
Other airlines are killing us if you look at rpks etc, I'd love profit share but I'd just be happy to make it through to 2018 without SLS.
All the new planes in the world won't make a lick of difference if we can't get seats filled at a price that covers fuel hedging. And our competitors know this.
The 1980s CX everyone sobs about and misses with its huge profits and no competition wouldn't last 6 months in a 2016 operating environment.

[Trafalgar]

SLS...haha. Really? Remember, it is 'voluntary'. The fact they were petty and vindictive the last time round (only returned 90%) ensured that I will NEVER again give them a penny of my hard (and fatigued) earned $$. Further, the fact they have basically cheated us out of profit sharing for the past several years is yet another reason they can go pack sand.

[Shep69]

Hmmm.....wonder what company MADE money off our hedging 'loss.'

SLS ?!!!?

With everything that's been happening ?

You DO know that you're not supposed to be smoking that stuff, right ?

[geh065]

Is there even a 'current' profit sharing formula? I thought last year end they announced that the formula would be extended to cover that year end implying that this year the formula has expired. If there is a decent amount of profit they will just change the formula and if profit is bad they will graciously and generously extend the formula to cover this year too.

[dragon man]

You have to love fuel hedging. In the case of Qantas they use call options so when the price of fuel fell they only lost the call premium. This meant they got all the downside. They have been doing this for nearly 15 years but it doesn't stop the current management from claiming it was there brilliant strategy and therefore getting their snouts in the trough for millions of dollars of bonuses .

[Yonosoy Marinero]

there is no reason that we shouldn't all see at least 6 weeks pay for profit share;

http://i.giphy.com/2gekRw5WtBzfG.gif

http://i.giphy.com/APcFiiTrG0x2.gif

http://i.giphy.com/yGE50nEVxqjFC.gif

My kids still believe in Santa Claus, but even they know we're not getting squat this year.

It doesn't matter how much money they do or do not make or how much money they do or do not lose on ridiculous bets, they'll always find an excuse.
Corporate greed has long taken care of profit share in CX.
We live in a World where share holders who do absolutely nothing for the company are more important than all those who actually do all the work.

[swh]

Is there even a 'current' profit sharing formula? I thought last year end they announced that the formula would be extended to cover that year end implying that this year the formula has expired.

I had thought this was the last of the 3 year period covering the current arrangement.

[gofor]

At least the sunnyside club will be happy again!

[airplaneridesrfun]

I guess my point is, that we should all be expecting at least 6 weeks profit share for our efforts.

If we do not get a minimum number, say two weeks, then we as a union should have a policy put in place PRIOR to the announcement (i.e. Soon) of PS that encourages the entire company to contribute 100% of profit share to the sunny side club....... and challengre all senior management to give the same. We could have a big PR campaign to highlight the good work of the organization, and also name the senior manager(s) that come through for the SS club, and portray the others as greedy. AT and above managers only. Nobody else on the 3rd floor is even close to being a senior manager. It would be easy to say, that we would all get at least two weeks.

[crewsunite]

Swire's make money from our planes even when they don't fly.
The fact that they do allows them to make more.
When they make too much money. It's give them more opportunities to milk the system. To ensure Prof Margin
stays below a certain threshold.

This fuel hedging stratergy has been a brilliant move on their part. One loss is another's gain.

[oriental flyer]

Look on the bright side with the slap on the wrist fine for Paris there will be more in the kitty for profit share and yes I believe in the tooth fairy

[goathead]

Which is the incorrect statement

A /we aint getting ****

B/ The union will do something

C / Cx cooks the books

[Oasis]

All?


Ps now am adding words so I can make up the minimum word required for a post I wonder if this is enough already wow where has the time gone

[Anotherday]

Shep69 & Trafalgar, I wasn't suggesting SLS was a good thing, just saying that if you have a lookout the financials, all our operating fuel savings amount at the very best to about 6% of what the hedging has cost us. Is costing us. Every year. Every little bit helps but we have such a mountain to climb before we even start making money.
I also would have loved to have been on the other side of the trade when the market was bracing for a drop to $50 oil and we were all alone (with SIA) rushing around getting options at $90.
Gift horse, mouth.
One could argue we took a huge gamble and it failed.

[Trafalgar]

So, AnotherDay, you are suggesting that somehow I should feel 'sorry' for our inept, corrupt and incompetent management? Hmmmm, no. What I do feel for them is utter contempt. Myself and 3000+ other pilots DO our jobs professionally, day in and day out. No exceptions, EVER. Our management however lurch from one fiasco to another, and then seem to have no trouble justifying taking it out on the hard working and competent front line staff. They can all get F@%$ed. OUR efforts DESERVE at least 6-8 weeks of PF this year. If there is anything less, I can suggest that they haven't really as yet seen the full effect of CC...but they will. We'll know in March. Until then, there are 3 more months that our illustrious leadership can find several other aspects of our operation to royally screw up.:ugh:

[Average Fool]

I can understand the fuel hedging mistake. History of oil prices/demand etc.
How CX spins it is another story.

The "mistakes" that I can't forgive are all the Yes Men screwing up the staffing issue. Minimal expansion, slower upgrades, desperation hiring.

All in a boom time when the industry is growing and fuel is at a record low.


Thanks morons.

[wongsuzie]

Bloomberg says 2nd highest pax numbers recently.

So we are doing well or not?

[RusCo]

[QUOTE]Bloomberg says 2nd highest pax numbers recently.

So we are doing well or not?/QUOTE]


It will be spun as..."it's not as good as we could be doing if those pesky pilots weren't on CC and the French weren't being vindictive" 2000HKD profit share for YOU!!!

[anotherbusdriver]

Why are we even talking about this?..

The profit share formula is about profit INCREASE, from memory.

The only time we ever actually do well is when we do ****e one year (loss), then do exceptionally well the next year.

Last year we made a big profit, this year we will make a big profit. Makes no difference. When there is no INCREASE in profit substantially, we get 3/4 of f@ck all.

Enjoy your beers in the plaza. That will be about it.

[Air Profit]

and if that is the case we need to demonstrate in a real way how unexpectable that is. I for one will be going unfit due frustration and stress. Screw them.

[airplaneridesrfun]

or was it a percentage of the profit multiplied by the profit? I guess it would help if we were all on the same page. A little expectation management from our side.

[Lowkoon]

With the 'formula' calculation, the record highest profit ever, the bonus came to $2000, so please don't hold your breath for more... And is it contractual? Could they argue in CC, it is not in your contract, therefore pilots aren't entitled to bonus? Food for thought.

[goathead]

Dont worry about profit share
We will never ever get it
Be more worried about your Cx cohorts accepting another substandard payrise like last time when the next negotiations take place
Here are some facts
Read them and take note

http://www.bloomberg.com/news/articles/2015-12-31/delta-s-pilots-seek-big-payday-as-airline-s-earnings-surge

Oh and add to that other airlines double digit payraises not mentioned in the article like fedex , was it 10% ?
Cx pilots group = biggest bunch of muppets since the muppets !
Dont blame the trainers thou!

[Flap10]

And you think you understand the basics with the above rubbish that you posted?

So typical of what is wrong with the pilot body at CX. Let's continually and repetitively come to a forum and viciously complain about everything and anything until the cows come home, but let's not for one second do anything that is slightly risky. Like the guy I flew with a while back, sat there and complained and ridiclued some of the operational policies like RETI, and then proceeds to reduces CFP by 100KG on a flight to TPE...Awh mate you gotta play the game....F@ck me, I'm really begining to despise some of the spineless people here more than I despise management.

Some of you are so afraid of your own shadows it'a not even funny.

[Average Fool]

And you think you understand the basics with the above rubbish that you posted?

So typical of what is wrong with the pilot body at CX. Let's continually and repetitively come to a forum and viciously complain about everything and anything until the cows come home, but let's not for one second do anything that is slightly risky. Like the guy I flew with a while back, sat there and complained and ridiclued some of the operational policies like RETI, and then proceeds to reduces CFP by 100KG on a flight to TPE...Awh mate you gotta play the game....F@ck me, I'm really begining to despise some of the spineless people here more than I despise management.

Some of you are so afraid of your own shadows it'a not even funny.


So very true