REX to transition to ATRs, start domestic jet ops
I am all for AFAP going hard for REX to improve their conditions and pay. Any effort to stop the race to the bottom is a good thing. Pity they were mindful that VA Captains and FO's took a 17% paycut.........
Thanks for that. Back-of-the-napkin, the stalled EBA has saved Rex in aggregate, somewhere between $3.5 - $4.5 million in wage increases since the agreement expired (COVID-related stand downs would have some impact on actual impact). In return they are offering $1.5 million, contingent on profitability. Does that sound like wages theft?
Notably, while the EBA was stalled, management still received fairly substantial hikes to their salaries and total remuneration. The COO's base pay rose over 22 percent between 2018-2021. Management basically never missed out on a pay rise. Even during the pandemic, most of the executive management team received wage increases. In FY 2020, the year that they were crying impending collapse and had their hand out for $54 million in "last resort" funding they still managed to give Sharpie a 6.6 percent pay rise.
Notably, while the EBA was stalled, management still received fairly substantial hikes to their salaries and total remuneration. The COO's base pay rose over 22 percent between 2018-2021. Management basically never missed out on a pay rise. Even during the pandemic, most of the executive management team received wage increases. In FY 2020, the year that they were crying impending collapse and had their hand out for $54 million in "last resort" funding they still managed to give Sharpie a 6.6 percent pay rise.
Thanks for that. Back-of-the-napkin, the stalled EBA has saved Rex in aggregate, somewhere between $3.5 - $4.5 million in wage increases since the agreement expired (COVID-related stand downs would have some impact on actual impact). In return they are offering $1.5 million, contingent on profitability. Does that sound like wages theft?
Notably, while the EBA was stalled, management still received fairly substantial hikes to their salaries and total remuneration. The COO's base pay rose over 22 percent between 2018-2021. Management basically never missed out on a pay rise. Even during the pandemic, most of the executive management team received wage increases. In FY 2020, the year that they were crying impending collapse and had their hand out for $54 million in "last resort" funding they still managed to give Sharpie a 6.6 percent pay rise.
Notably, while the EBA was stalled, management still received fairly substantial hikes to their salaries and total remuneration. The COO's base pay rose over 22 percent between 2018-2021. Management basically never missed out on a pay rise. Even during the pandemic, most of the executive management team received wage increases. In FY 2020, the year that they were crying impending collapse and had their hand out for $54 million in "last resort" funding they still managed to give Sharpie a 6.6 percent pay rise.
I’m unable to post the link, but perhaps someone who is a little more tech savvy?
Spoiler
Arnold, thank you for pointing out the often overlooked reality. It's like those who say "Elon Musk is an idiot" as they sit in their track suit in the pub at two o'clock in afternoon.
Arnold, thank you for pointing out the often overlooked reality. It's like those who say "Elon Musk is an idiot" as they sit in their track suit in the pub at two o'clock in afternoon.
REX to transition to ATRs, start domestic jet ops
We kicked that one - about the executive share options - around some time back.
REX to transition to ATRs, start domestic jet ops
REX to transition to ATRs, start domestic jet ops
Thanks Mick.
Here’s the article in full…
Regional Express airline prepares $12 million in executive bonus shares after COVID-19 bailout
Regional Express has set aside company shares worth more than $12 million to pay bonuses to its executives less than a year after the company was rescued with $62 million in taxpayer aid.Former National Party MP and Regional Express (Rex) deputy chairman John Sharp stands to gain the most from the bonus scheme, having been granted the potential to receive 1.6 million shares currently worth more than $1.9 million.
Riverina MP Michael McCormack, who oversaw the federal government's aid to Rex, said allocating shares to executives was a matter for the company.
However, Labor has called on the airline to continue investing in its regional services and workers rather than giving bonuses to already well-paid executives.
REX informed the ASX on June 30 that it would issue 10 million "awards securities" to 11 executives that could be exchanged one-to-one for shares if they met performance criteria such as boosting pre-tax profits.
In response to questions about the bonuses, REX said it was required to establish a "management incentive scheme" as part of a $150 million funding deal with Hong Kong-based investment group PAG.
"They are performance rights only and shares are not issued unless very high performance targets are reached," REX's statement said.
The airline said any linking of the bonus scheme to the bailout "reveals a poor economic understanding of accounting and finance".
"Shares are non-cash in nature and are funded by shareholders and so has nothing to do with the government assistance," REX's statement said.
While the bonuses could be funded by new or current investors buying shares in REX, the airline's prior statements said the business would have been "irreversibly destroyed" without government funding.
Mr McCormack said on Wednesday that REX's decision on allocatingawards securities was a matter for the company.
REX was operating 35 routes that were not being serviced by any other airlines which received funding, so 35 communities would have been left without support, without a service, without the ability to ship in essential personal protective equipment and other vital supplies," he said.
Labor's shadow transport spokeswoman Catherine King said if REX was in such a strong position, it should continue investing in its business and workers rather than pay bonuses to executives.
"Last year REX received $53 million in untied grants from the Morrison Government. Such significant taxpayer support brings with it a responsibility to use it to support jobs and maintain flight routes," she said.
Riverina MP Michael McCormack, who oversaw the federal government's aid to Rex, said allocating shares to executives was a matter for the company.
However, Labor has called on the airline to continue investing in its regional services and workers rather than giving bonuses to already well-paid executives.
REX informed the ASX on June 30 that it would issue 10 million "awards securities" to 11 executives that could be exchanged one-to-one for shares if they met performance criteria such as boosting pre-tax profits.
In response to questions about the bonuses, REX said it was required to establish a "management incentive scheme" as part of a $150 million funding deal with Hong Kong-based investment group PAG.
"They are performance rights only and shares are not issued unless very high performance targets are reached," REX's statement said.
The airline said any linking of the bonus scheme to the bailout "reveals a poor economic understanding of accounting and finance".
"Shares are non-cash in nature and are funded by shareholders and so has nothing to do with the government assistance," REX's statement said.
While the bonuses could be funded by new or current investors buying shares in REX, the airline's prior statements said the business would have been "irreversibly destroyed" without government funding.
Mr McCormack said on Wednesday that REX's decision on allocatingawards securities was a matter for the company.
REX was operating 35 routes that were not being serviced by any other airlines which received funding, so 35 communities would have been left without support, without a service, without the ability to ship in essential personal protective equipment and other vital supplies," he said.
Labor's shadow transport spokeswoman Catherine King said if REX was in such a strong position, it should continue investing in its business and workers rather than pay bonuses to executives.
"Last year REX received $53 million in untied grants from the Morrison Government. Such significant taxpayer support brings with it a responsibility to use it to support jobs and maintain flight routes," she said.
From the order on the FWC website for the PIA ballot, these are the actions that will be voted on;
1. An unlimited number of indefinite or periodic bans on loading extra fuel prior to flights, where the primary purpose for loading the extra fuel is in order to negate the need to refuel at the destination airport?
2. An unlimited number of indefinite or periodic bans on conducting route or port briefings when not on duty?
3. An unlimited number of indefinite or periodic bans on wearing some or all elements of the prescribed uniform?
4. An unlimited number of occasions where non-uniform items are worn in addition to or instead of some or all elements of the prescribed uniform?
5. An unlimited number of indefinite or periodic bans on signing on at a port other than home base until a minimum of 10 hours free of duty has elapsed since the previous sign-off?
6. An unlimited number of indefinite or periodic bans on signing on at home base until a minimum of twelve (12) hours free of any duty has elapsed since the previous sign-off from duty?
7. An unlimited number of indefinite or periodic bans on operating an aircraft with any deferred defect (including deferrals under Minimum Equipment List (MEL), Configuration Deviation List (CDL) and/or a Not Airworthiness Defect (NAD))?
8. An unlimited number of single or consecutive four (4) hour work stoppages of all work?
1. An unlimited number of indefinite or periodic bans on loading extra fuel prior to flights, where the primary purpose for loading the extra fuel is in order to negate the need to refuel at the destination airport?
2. An unlimited number of indefinite or periodic bans on conducting route or port briefings when not on duty?
3. An unlimited number of indefinite or periodic bans on wearing some or all elements of the prescribed uniform?
4. An unlimited number of occasions where non-uniform items are worn in addition to or instead of some or all elements of the prescribed uniform?
5. An unlimited number of indefinite or periodic bans on signing on at a port other than home base until a minimum of 10 hours free of duty has elapsed since the previous sign-off?
6. An unlimited number of indefinite or periodic bans on signing on at home base until a minimum of twelve (12) hours free of any duty has elapsed since the previous sign-off from duty?
7. An unlimited number of indefinite or periodic bans on operating an aircraft with any deferred defect (including deferrals under Minimum Equipment List (MEL), Configuration Deviation List (CDL) and/or a Not Airworthiness Defect (NAD))?
8. An unlimited number of single or consecutive four (4) hour work stoppages of all work?
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You don’t need to be ‘sharp’ to get rich. And to be a politician you also don’t need to be smart, you need to be untrustworthy, slippery, dishonest, and be a disloyal backstabber.
How are the 73 numbers so far this weekend? Surely would have to be full oversold? If they’re not well it will sure to be all over by years end. VA and JQ check inns have been over flowing.