Bonuses....
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I know you're just stirring the pot however, I will comment.
Bonus structure based on reaching a preset "target" of profit. Target is set at the announcement of last years profit and usually meets or exceeds said profit. So, due to the horrific first half, profits down 88%, and the current economic climate, there is ZERO chance we'll get a profit. Some say we'll get a "pride" week, but I think greed and fear will make that a non-starter.
As for raises, I think the worst is coming. My prediction is a freeze of pay or perhaps a small cut. Probably a small reworking of hourly or something to decrease our overall salary. On top of that, allowances will fall to reflect the "deflation" in the housing market here. I'll call it a crash, but it won't officially be called that by the press until we are through the worst of it.
I sincerely hope I'm wrong, but fear I may be all too right on this one.
CO
Bonus structure based on reaching a preset "target" of profit. Target is set at the announcement of last years profit and usually meets or exceeds said profit. So, due to the horrific first half, profits down 88%, and the current economic climate, there is ZERO chance we'll get a profit. Some say we'll get a "pride" week, but I think greed and fear will make that a non-starter.
As for raises, I think the worst is coming. My prediction is a freeze of pay or perhaps a small cut. Probably a small reworking of hourly or something to decrease our overall salary. On top of that, allowances will fall to reflect the "deflation" in the housing market here. I'll call it a crash, but it won't officially be called that by the press until we are through the worst of it.
I sincerely hope I'm wrong, but fear I may be all too right on this one.
CO
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Don't know why the doom and gloom - EK's profitable, and if they had the balls they would be opening new routes now... After all, recessions do end!!! I just think they haven't got the 'minerals'
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I think we all have to hope that someone up there really wants to show the world that EK still made a profit, even in such bad times. If that proves to be true, (and I agree, it may not), two weeks would be about my guess. I'd be really, really glad to be proven wrong and it turns out to be more. But I doubt it.
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I'd like to share your optimism Andu, but we'd have to hit 1.5 billion USD to get 2 weeks. I just can't see them giving a bonus if we make a "mere" 500 million or so. For sure, we'll be WAY under the target set last spring.
As I said above, yes, pride is strong, but greed is even stronger here.
As I said above, yes, pride is strong, but greed is even stronger here.
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My take is this:
No increase in salary. The so called contractual 3% increase will not occur as EK will dispute this. I've seen them justify this before at a pilot meeting but never actually enforce it. This time round they will.
They will probably take this opportunity to increase the hours before productivity by up to 10%. This represents a huge saving. It will be dressed up by saying this is being done to avoid retrenchment. Maybe true to some extent.
Education allowances will not move. Maybe even fall if schools cut.
Housing definitely will not increase. The rental market will be in freefall by the middle of this year so no need to increase. They may even decrease but run the risk of losing pilots over this as they simply go broke through mortgage default. Banks are raising interest rates on mortgages so if EK cuts on housing there will be some severe financial distress in the pilot community.
Hourly rate will not increase, nor will overtime rates. Training and other appointment allowances will remain static.
I'll be more than happy if the status quo is kept on salaries and allowances and will be prepared to work harder. It'll be great simply to be employed.
By the middle of this year America's economists will admit that we are actually in a Depression though there is no official definition this. Dubai will still be in denial despite the tumbleweed blowing down empty streets....
No increase in salary. The so called contractual 3% increase will not occur as EK will dispute this. I've seen them justify this before at a pilot meeting but never actually enforce it. This time round they will.
They will probably take this opportunity to increase the hours before productivity by up to 10%. This represents a huge saving. It will be dressed up by saying this is being done to avoid retrenchment. Maybe true to some extent.
Education allowances will not move. Maybe even fall if schools cut.
Housing definitely will not increase. The rental market will be in freefall by the middle of this year so no need to increase. They may even decrease but run the risk of losing pilots over this as they simply go broke through mortgage default. Banks are raising interest rates on mortgages so if EK cuts on housing there will be some severe financial distress in the pilot community.
Hourly rate will not increase, nor will overtime rates. Training and other appointment allowances will remain static.
I'll be more than happy if the status quo is kept on salaries and allowances and will be prepared to work harder. It'll be great simply to be employed.
By the middle of this year America's economists will admit that we are actually in a Depression though there is no official definition this. Dubai will still be in denial despite the tumbleweed blowing down empty streets....
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Jet II,
There most certainly is not a recruitment ban on at the moment. The whole of Feb is filled with recruitment days (trust me on this). And guys are still being drawn from the pool of successful candidates (check out the seniority list).
It was also mentioned in said meeting that we will receive 19 new aircraft this year and recruitment will accelerate hugely after the summer.
So in short, expansion is still very much on the cards!
There most certainly is not a recruitment ban on at the moment. The whole of Feb is filled with recruitment days (trust me on this). And guys are still being drawn from the pool of successful candidates (check out the seniority list).
It was also mentioned in said meeting that we will receive 19 new aircraft this year and recruitment will accelerate hugely after the summer.
So in short, expansion is still very much on the cards!
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Jet II,
There most certainly is not a recruitment ban on at the moment. The whole of Feb is filled with recruitment days (trust me on this). And guys are still being drawn from the pool of successful candidates (check out the seniority list).
It was also mentioned in said meeting that we will receive 19 new aircraft this year and recruitment will accelerate hugely after the summer.
So in short, expansion is still very much on the cards!
There most certainly is not a recruitment ban on at the moment. The whole of Feb is filled with recruitment days (trust me on this). And guys are still being drawn from the pool of successful candidates (check out the seniority list).
It was also mentioned in said meeting that we will receive 19 new aircraft this year and recruitment will accelerate hugely after the summer.
So in short, expansion is still very much on the cards!
So expansion is on hold..
