CX 2010 Profit - massive!

[Harbour Dweller]

Cathay Pacific announces a profit of not less than HK$12.5 billion for 2010

[arse]

But Tony's statement had to note that bad times may just be around the corner and that discretionary 13th month and profit share are appropriate ways of rewarding staff i.e. no pay increases!

[Ex Cathedra]

13th month and profit share? You mean the 2 weeks pay we get every year, regardless of whether they make millions or billions?

Yes, Tony, we're all so grateful. But your extreme generosity is much too risky, there might be another crisis in a few years, after CX has made 50 Billions worth of profit.

[the reo]

Read the public statement

I note that the public statement also says that staff are rewarded with market based salary increases (as well as the other items mentioned in the staff statement)
Surely they wouldn't issue something publicly that they didn't mean?

[numbawon]

"staff will share the rewards through the discretionary 13th month payment and/or the profit share scheme"

No payrise!

[crwjerk]

If someone is employed over the top of you, you will be paid Bypass pay. Words to that effect were written in our COS. Means nothing in HK. That's why he can write whatever he likes.

[Ex Cathedra]

Unfortunately, the only way CX will ever reward you when they make a profit is through dividends if you own shares.

They care more about their shareholders than they do their own employees.

[flyingkiwi]

So the rest of the staff get 4.5-5% and we get 0%, how does that work!! i think we should tack that amount on to our pay negotiations.

[Ex Cathedra]

And once again, we are being told that the yearly pay increment in the salary scale is a salary increase.

Very well, so long as we agree that there is no such thing as seniority in this airline anymore (and apparently there isn't, as a top HK judge told us recently), then sure...
Which also means it's time to fire up MS word and start working on a new resume, especially since the lack of upgrades means a lot of guys will be maxing the scales soon.


Once more, they are trying to single out and demonize the pilot body for demanding wage increases by telling everyone else we already get one every year. It's open season.

[NoseGear]

Crew shortage....

Standby gents.....a few JFOs on course are having to go and cover as SOs in the middle of their upgrade courses..... Brings a whole new meaning to not working a G day I should think

[MilPilot]

With the JFOs on course having to do SO duties and the ICadets stuck in immigration - Maybe they will have time to let on some of the DEFOs from the pool

Ok, just kidding

[sioux115]

Wishful thinking MilPilot, I'm right there with ya.

They might be starting to get desperate with the recent call from recruitment offering me the cadet short course. Which I politely declined.

[Sqwak7700]

With the JFOs on course having to do SO duties and the ICadets stuck in immigration - Maybe they will have time to let on some of the DEFOs from the pool

Not far fetched at all. They already said in fleet forum that they are not ruling out the possibility of hiring DEFO and DECN if the need arises.

The need is arising, and contracts in HKG are only binding at the company's discretion (as proven by the SO bypass case), so I think it will happen early next year.