SLS to be paid back in March
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Makes all the cat A staff happy little noodle slurpers, and the boys n girls that fly who gave the most, get the shaft again.
Ahh yeah mate I gave up 4 weeks or roughly 8% of my yearly salary for absolutely nothing. A bigger percentage.
The talk on the street is that we will all be given 2 weeks SLS back.
For those here not so good at maths the cat A staff ( a very big proportion of the total number ) get back DOUBLE what they lost....
Wait for it..............I get back HALF......
If what they say in the street is true?
"more pain and less gain".
So pardon me if I'm pissed......( yet again )
Maybe I'm prematurely pissed!! They could be wrong but knowing this company and how they treat Cockpit crew I suspect they're correct.
The talk on the street is that we will all be given 2 weeks SLS back.
For those here not so good at maths the cat A staff ( a very big proportion of the total number ) get back DOUBLE what they lost....
Wait for it..............I get back HALF......
If what they say in the street is true?
"more pain and less gain".
So pardon me if I'm pissed......( yet again )
Maybe I'm prematurely pissed!! They could be wrong but knowing this company and how they treat Cockpit crew I suspect they're correct.
Last edited by nitpicker330; 1st Mar 2010 at 11:56.
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Cathay announced they are loaning Air China Cargo RMB 1,669 Million (or roughly US $245 Million).
They also announced that construction resumed on the new cargo terminal at HKIA which is a HKD $5.5 Billion investment (~US $708 million).
Waiting to hear if there will be an SLS payback....
They also announced that construction resumed on the new cargo terminal at HKIA which is a HKD $5.5 Billion investment (~US $708 million).
Waiting to hear if there will be an SLS payback....
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Cathay announced they are loaning Air China Cargo RMB 1,669 Million (or roughly US $245 Million).
They also announced that construction resumed on the new cargo terminal at HKIA which is a HKD $5.5 Billion investment (~US $708 million).
Waiting to hear if there will be an SLS payback....
They also announced that construction resumed on the new cargo terminal at HKIA which is a HKD $5.5 Billion investment (~US $708 million).
Waiting to hear if there will be an SLS payback....
crash course in accounting
Quote:
Cathay announced they are loaning Air China Cargo RMB 1,669 Million (or roughly US $245 Million).
They also announced that construction resumed on the new cargo terminal at HKIA which is a HKD $5.5 Billion investment (~US $708 million).
Waiting to hear if there will be an SLS payback....
Cathay announced they are loaning Air China Cargo RMB 1,669 Million (or roughly US $245 Million).
They also announced that construction resumed on the new cargo terminal at HKIA which is a HKD $5.5 Billion investment (~US $708 million).
Waiting to hear if there will be an SLS payback....
All the profit has gone ! No SLS payback. No profit share. Wonderful !
Cathay announced they are loaning Air China Cargo RMB 1,669 Million (or roughly US $245 Million).
They also announced that construction resumed on the new cargo terminal at HKIA which is a HKD $5.5 Billion investment (~US $708 million).
Waiting to hear if there will be an SLS payback....
Cathay announced they are loaning Air China Cargo RMB 1,669 Million (or roughly US $245 Million).
They also announced that construction resumed on the new cargo terminal at HKIA which is a HKD $5.5 Billion investment (~US $708 million).
Waiting to hear if there will be an SLS payback....
All the profit has gone ! No SLS payback. No profit share. Wonderful !
Please don’t jump the gun - yet... just a quick crash course for people who DON'T have an accounting background...
Investments such as planes to Air China, the construction of a new terminal and a cash loan only affect our assets and cash flow - NOT our P&L (profit and loss) statement. Only this statement will determine the success of the company and a possible return of our SLS. Long term investments will be depreciated according to local tax laws and have no immediate effect on P&L (only a long term affect - buildings for example take about 15 to 25 years to depreciate - at least that was what gurus at uni taught me)
I know pilots are in general not good with money but maybe Numero Cruncho and 404 Titan can elaborate a bit more...
AB
P.s.: Another misconception is that "red" figures on our CX Intra welcome page don't necessarily mean we are losing money - they only indicate that we are behind budget (which especially in 2009 contained some very high targets after the successful years of 2007 and 2008).
Last edited by AQIS Boigu; 4th Mar 2010 at 17:42. Reason: stupid windows spell check didnt work today...
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AQIS Boigu,
I think you are inferring that you have an accounting background. Could you then please advise us then why Cathay insist on rolling the fuel surcharge into revenue? Could you also confirm whether this would be normal accounting practice in other parts of the world, say Australia for example.
In addition could you please confirm how this may impact on the profit to revenue ratio, which in itself was a trigger mechanism for the employee profit share scheme????
Thanks mate.
I think you are inferring that you have an accounting background. Could you then please advise us then why Cathay insist on rolling the fuel surcharge into revenue? Could you also confirm whether this would be normal accounting practice in other parts of the world, say Australia for example.
In addition could you please confirm how this may impact on the profit to revenue ratio, which in itself was a trigger mechanism for the employee profit share scheme????
Thanks mate.
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Not all Wine and Roses
To AAIGUY
"Spent 3 weeks on the beach and at Disney in FL, US with my kids.
had a ball, and it was priceless."
You may well have enjoyed your SLS with your family and good on you. However, as a CX SO I have tons of time with my young family already. What we lack is the money to do anything other than pay our monthly bills. Spending 3 weeks on holiday (especially at Disney Florida) is a dream that we will have no chance of fulfilling for many, many years to come.
I opted not to take SLS last year not because I wanted to make a statement to the company but because we literally could not afford to make the 'sacrifice'. And no I did not get 1 cent of EFP tho I would have gladly welcomed it.
So from where I stand, I am delighted that SLS is being repaid - it seems only fair to those who took the hit. What my bank account has witnessed however, is that in over two years with the company I haven't received ANY profit share and both 13th month payouts have been halved. Add to that the time to FO upgrade will stretch towards 5 years by the time my number comes up. I am looking at hitting the ceiling of SO increments soon and have run out of answers for my wife on when things will get better.
Enjoy your holidays in the sun. Some of us simply don't get the choice.
"Spent 3 weeks on the beach and at Disney in FL, US with my kids.
had a ball, and it was priceless."
You may well have enjoyed your SLS with your family and good on you. However, as a CX SO I have tons of time with my young family already. What we lack is the money to do anything other than pay our monthly bills. Spending 3 weeks on holiday (especially at Disney Florida) is a dream that we will have no chance of fulfilling for many, many years to come.
I opted not to take SLS last year not because I wanted to make a statement to the company but because we literally could not afford to make the 'sacrifice'. And no I did not get 1 cent of EFP tho I would have gladly welcomed it.
So from where I stand, I am delighted that SLS is being repaid - it seems only fair to those who took the hit. What my bank account has witnessed however, is that in over two years with the company I haven't received ANY profit share and both 13th month payouts have been halved. Add to that the time to FO upgrade will stretch towards 5 years by the time my number comes up. I am looking at hitting the ceiling of SO increments soon and have run out of answers for my wife on when things will get better.
Enjoy your holidays in the sun. Some of us simply don't get the choice.
