Profit Share
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Profit Share
I would like to take this opportunity to thank the pilots in their superb effort for making the Cathay Pacific Group very profitable.
Although the results will be announced tomorrow, I would like to provide our staff some insight.
We will be offering our staff 10 days profit share or $7474.00 HKD (747-400) whichever is less.
Please keep up the effort in the coming financial year. We still expect all staff to work well beyond what is stated in your Conditions of Service, Approved Flight Time Limitations and our recently new Rostering Practices 2007. You are doing a brilliant job.
We would like to see more pilots from our 747-400 passenger fleet volunteer to fly our 747-400 Freighter Fleet. At the present time we will be wet leasing more Dragonair 747-400 Freighters to fly more of the Cathay Pacific Groups Cargo operations. This is due to the reduced volunteers.
In the near future we will be transferring some of our 747-400 (as the Boeing Converted Freighters come online) aircraft to Dragonair for their operation. Again for those Passenger 747-400 pilots that still volunteer to fly the Cathay Pacific Groups Freighter aircraft, we thank you. Our freighter operations contribute over 30% of our operations and more importantly our bonus. Keep up the good work
My apologizes to the Dragonair Staff. Under your old profit share scheme we would have to pay a considerable amount than we wanted to. It wouldn’t be fair to our Cathay Staff if Dragonair Staff received X amount of weeks and the Cathay Staff only receive 25% of that amount. Our forecast profits in the coming years would have caused higher profit sharing and that is something we try to avoid. We had to change the Profit Share Formula.
We are looking forward to negotiations on Pay and Conditions of Service. In the future we will want all staff to serve a minimum of 5 years to be eligible for profit share and only Level D and above employees will be eligible for profit share. After all, these are the employees that are making the decisions that affect our profits. We also want a minimum of 5 years, as we believe that is the minimum time that a certain employee can make a contribution to our Cathay Pacific Group.
Other issues we look forward to re-negotiate are Provident Fund, Staff Travel, Medical, Housing, Basing Agreement, By-pass pay (we effectively stopped by-pass pay), class of travel while on Duty Travel and many of the other issues that affect our profitability. I will be speaking on those issues at a later date.
Thank you for you efforts for making The Cathay Pacific Group very profitable.
The Management
Although the results will be announced tomorrow, I would like to provide our staff some insight.
We will be offering our staff 10 days profit share or $7474.00 HKD (747-400) whichever is less.
Please keep up the effort in the coming financial year. We still expect all staff to work well beyond what is stated in your Conditions of Service, Approved Flight Time Limitations and our recently new Rostering Practices 2007. You are doing a brilliant job.
We would like to see more pilots from our 747-400 passenger fleet volunteer to fly our 747-400 Freighter Fleet. At the present time we will be wet leasing more Dragonair 747-400 Freighters to fly more of the Cathay Pacific Groups Cargo operations. This is due to the reduced volunteers.
In the near future we will be transferring some of our 747-400 (as the Boeing Converted Freighters come online) aircraft to Dragonair for their operation. Again for those Passenger 747-400 pilots that still volunteer to fly the Cathay Pacific Groups Freighter aircraft, we thank you. Our freighter operations contribute over 30% of our operations and more importantly our bonus. Keep up the good work
My apologizes to the Dragonair Staff. Under your old profit share scheme we would have to pay a considerable amount than we wanted to. It wouldn’t be fair to our Cathay Staff if Dragonair Staff received X amount of weeks and the Cathay Staff only receive 25% of that amount. Our forecast profits in the coming years would have caused higher profit sharing and that is something we try to avoid. We had to change the Profit Share Formula.
We are looking forward to negotiations on Pay and Conditions of Service. In the future we will want all staff to serve a minimum of 5 years to be eligible for profit share and only Level D and above employees will be eligible for profit share. After all, these are the employees that are making the decisions that affect our profits. We also want a minimum of 5 years, as we believe that is the minimum time that a certain employee can make a contribution to our Cathay Pacific Group.
Other issues we look forward to re-negotiate are Provident Fund, Staff Travel, Medical, Housing, Basing Agreement, By-pass pay (we effectively stopped by-pass pay), class of travel while on Duty Travel and many of the other issues that affect our profitability. I will be speaking on those issues at a later date.
Thank you for you efforts for making The Cathay Pacific Group very profitable.
The Management
