EK Profitshare down the drain...
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EK Profitshare down the drain...
I couldn't belive my ears when I heard this..
Well after almost 3 years at EK maybe I should see it coming.
Correct me if I'm wrong here, but the last email with "ammendments" in our so called contract / employment handbook (you know, one of those emails you just delete..) The formula for profitsharing was taken out.
According to several people EK was going for a record profit this year (2010/11) that would create a profitshare bonus of about 20 weeks.
But since the managment has proven to be cheap bastards (no news there..), the formula is now GONE, which give them the right to do what ever they want. So if we're lucky, maybe a couple of weeks, but don't keep your hopes up for the 20 weeks...
This is the EK-magagement signum:
1. First they take away something that you were promissed.
(Let's say the proftshare formula that would give you abt 20 weeks of bonus on the May 2011 salary)
2. You get very unhappy
3. Then they give a small part back, let's say 4 weeks of bonus (they can decide whatever they like since there's no formula anymore)...
4. Well, you've got a few weeks of bonus, that's better than nothing... so your glad again
5. One of the bastards in management who was cleaver and brave enough to pull this off gets a BIG BONUS for saving all this money for the company.
6. He is happy, AND the company is happy...
... see a lot more people get's happy this way...!
Now I just ask you all, After a few years of Paycut AND more hours, AND now this... How much do we accept, while the airline is making record profits...
I will look in to this and see if this is really true. If it is, it's beyond words...
Where the f#¤%& is my gun!
Ben Cartwright
Well after almost 3 years at EK maybe I should see it coming.
Correct me if I'm wrong here, but the last email with "ammendments" in our so called contract / employment handbook (you know, one of those emails you just delete..) The formula for profitsharing was taken out.
According to several people EK was going for a record profit this year (2010/11) that would create a profitshare bonus of about 20 weeks.
But since the managment has proven to be cheap bastards (no news there..), the formula is now GONE, which give them the right to do what ever they want. So if we're lucky, maybe a couple of weeks, but don't keep your hopes up for the 20 weeks...
This is the EK-magagement signum:
1. First they take away something that you were promissed.
(Let's say the proftshare formula that would give you abt 20 weeks of bonus on the May 2011 salary)
2. You get very unhappy
3. Then they give a small part back, let's say 4 weeks of bonus (they can decide whatever they like since there's no formula anymore)...
4. Well, you've got a few weeks of bonus, that's better than nothing... so your glad again
5. One of the bastards in management who was cleaver and brave enough to pull this off gets a BIG BONUS for saving all this money for the company.
6. He is happy, AND the company is happy...
... see a lot more people get's happy this way...!
Now I just ask you all, After a few years of Paycut AND more hours, AND now this... How much do we accept, while the airline is making record profits...
I will look in to this and see if this is really true. If it is, it's beyond words...
Where the f#¤%& is my gun!
Ben Cartwright
I will look in to this and see if this is really true. If it is, it's beyond words...
Where the f#¤%& is my gun!
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This is still posted on the portal...."Employee Centre", "Profit Share" section...
3. SCHEME RULES AND CONDITIONS
If the profit target for the financial year is achieved, then an initial profit share bonus under the scheme of two weeks basic salary to all eligible employees will be paid. Thereafter, additional profit share bonuses are also payable from the profits in excess of the pre-announced threshold profit target of the Group for the financial year concerned.
The profits earned in the financial year will be declared on the basis of the duly audited annual balance sheet of profit and loss for the financial year concerned as certified in the Annual Financial Report for the Group by our external auditors (who are currently Price Waterhouse Coopers). Profits are the final net profit of the Group after all costs and charges have been deducted.
The profit targets are normally announced after the start of each new financial year after finalisation of the annual budget. The Chairman and Chief Executive of the Group shall determine the target each year, at its sole discretion.
The independent external auditors usually complete their audit approximately three months after the financial year end, and the independent audited result for profits will then be used to determine the amount of bonus payable, thus normally the scheme payment will be made in the end-June payroll following the financial year-end, but this is not guaranteed.
The scheme payment shall be made in accordance with the formula mentioned below.
4. SCHEME PAYMENT FORMULA
The initial profit share payment will be two weeks basic salary for all eligible employees if the profit target for the relevant financial year is achieved. Thereafter additional payments will be 25% of profits in excess of the profit target for the relevant financial year.
The overall profit share payment will be distributed to all eligible staff as an equal percentage of monthly basic salary, based on the monthly basic salary of the employee as at 31st March at the end of the relevant financial year.
Payments resulting from this scheme will normally be paid in the end-June payroll based upon the Company results for the preceding financial year ending 31st March.
SA
3. SCHEME RULES AND CONDITIONS
If the profit target for the financial year is achieved, then an initial profit share bonus under the scheme of two weeks basic salary to all eligible employees will be paid. Thereafter, additional profit share bonuses are also payable from the profits in excess of the pre-announced threshold profit target of the Group for the financial year concerned.
The profits earned in the financial year will be declared on the basis of the duly audited annual balance sheet of profit and loss for the financial year concerned as certified in the Annual Financial Report for the Group by our external auditors (who are currently Price Waterhouse Coopers). Profits are the final net profit of the Group after all costs and charges have been deducted.
The profit targets are normally announced after the start of each new financial year after finalisation of the annual budget. The Chairman and Chief Executive of the Group shall determine the target each year, at its sole discretion.
The independent external auditors usually complete their audit approximately three months after the financial year end, and the independent audited result for profits will then be used to determine the amount of bonus payable, thus normally the scheme payment will be made in the end-June payroll following the financial year-end, but this is not guaranteed.
The scheme payment shall be made in accordance with the formula mentioned below.
4. SCHEME PAYMENT FORMULA
The initial profit share payment will be two weeks basic salary for all eligible employees if the profit target for the relevant financial year is achieved. Thereafter additional payments will be 25% of profits in excess of the profit target for the relevant financial year.
The overall profit share payment will be distributed to all eligible staff as an equal percentage of monthly basic salary, based on the monthly basic salary of the employee as at 31st March at the end of the relevant financial year.
Payments resulting from this scheme will normally be paid in the end-June payroll based upon the Company results for the preceding financial year ending 31st March.
SA
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Last year, the profit share covered three factors for the satisfaction of the masses:
It acknowledged the target being reached (two weeks)
It acknowledged the target being exceeded (one extra week)
It threw some extra cash to the unwashed (us).
This year's target has, we're told, been blown away with obscene profit figures despite the hard times we'ev been reminded about every week. It should, by rights, be a bumper season for the so-called profit share. The brothers down the road in AD, however, hold the purse strings these days and will insist on no excess cash being "thrown away" in any frivolous "sharing" with all the infidels and other foreign hangers-on (that's us).
There has already been an edict, in writing, to this effect for all government businesses in Dubai.
My guess is, this year there will be:
Two weeks to acknowledge the target being reached.
One extra week to acknowledge the target being exceeded.
One extra week to acknowledge the target being exceeded by more than last year.
For a total of FOUR WEEKS profit share.
The concept of independent auditors lending a degree of credibility to the process is utterly laughable and anyone believing this probably also believes in the tooth fairy.
It's a shame the profit share "rules" don't go on to detail how many times profit share all our "managers" get. That would make interesting reading!
Ben, things have been going downhill for a long time. A lot longer than three years. Longer than I've been here. As mentioned, there's been no shortage of illustrative threads around here despite the do-gooder, head-in-the-sand types who will tell you otherwise (some of whom have already surfaced!!)
You had plenty of opportunities to figure it all out before you came here, had you researched it. Your job now is to take as much as possible and give as little as possible, in every way you can. Exactly the same as your employer will do.
It acknowledged the target being reached (two weeks)
It acknowledged the target being exceeded (one extra week)
It threw some extra cash to the unwashed (us).
This year's target has, we're told, been blown away with obscene profit figures despite the hard times we'ev been reminded about every week. It should, by rights, be a bumper season for the so-called profit share. The brothers down the road in AD, however, hold the purse strings these days and will insist on no excess cash being "thrown away" in any frivolous "sharing" with all the infidels and other foreign hangers-on (that's us).
There has already been an edict, in writing, to this effect for all government businesses in Dubai.
My guess is, this year there will be:
Two weeks to acknowledge the target being reached.
One extra week to acknowledge the target being exceeded.
One extra week to acknowledge the target being exceeded by more than last year.
For a total of FOUR WEEKS profit share.
The concept of independent auditors lending a degree of credibility to the process is utterly laughable and anyone believing this probably also believes in the tooth fairy.
It's a shame the profit share "rules" don't go on to detail how many times profit share all our "managers" get. That would make interesting reading!
Ben, things have been going downhill for a long time. A lot longer than three years. Longer than I've been here. As mentioned, there's been no shortage of illustrative threads around here despite the do-gooder, head-in-the-sand types who will tell you otherwise (some of whom have already surfaced!!)
You had plenty of opportunities to figure it all out before you came here, had you researched it. Your job now is to take as much as possible and give as little as possible, in every way you can. Exactly the same as your employer will do.
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A retarded post....
You dont even know what the profit share is going to be.
And to keep it real, since the suicidal LR3 has been here (and he is still here...not sure why)....since May of 2008 a total of 18% pay raise (12% in 05/08, 6% 05/10). The contract he signed stipulated a cumulative 3% per annum.
and 15 weeks bonus (12 in 05/08 & 3 in 05/10)
We all know about the overtime threshold - no barny there...
No wonder mgt think we're stupid....giving out about a bonus amount we dont even know...pathetic
f
You dont even know what the profit share is going to be.
And to keep it real, since the suicidal LR3 has been here (and he is still here...not sure why)....since May of 2008 a total of 18% pay raise (12% in 05/08, 6% 05/10). The contract he signed stipulated a cumulative 3% per annum.
and 15 weeks bonus (12 in 05/08 & 3 in 05/10)
We all know about the overtime threshold - no barny there...
No wonder mgt think we're stupid....giving out about a bonus amount we dont even know...pathetic
f
Last edited by fliion; 14th Jan 2011 at 16:15.
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whatevah
Whahaha ....
EK pilots are so funny. All whining, complaining ... and ultimately a bunch of sissies because nobody is leaving (all with a very good personalized excuse why they can't resign of course).
Add to that many desperate nitwits without a job and a 'I wanna fly a big plane' issue. Also they actually believe all the lies of the best marketing department in the world ... A.K.A: EK recruitment!
Fact: Nothing will change unless maybe maybe about 50% starts to resign and there is no desperate cheap labor available anymore on planet earth .. Just continue whining and get your blood pressure up, nothing will change.
It pisses me off but I'm sure EK management is laughing their ass off reading these posts ...
Action speaks louder then words...
Khallas
EK pilots are so funny. All whining, complaining ... and ultimately a bunch of sissies because nobody is leaving (all with a very good personalized excuse why they can't resign of course).
Add to that many desperate nitwits without a job and a 'I wanna fly a big plane' issue. Also they actually believe all the lies of the best marketing department in the world ... A.K.A: EK recruitment!
Fact: Nothing will change unless maybe maybe about 50% starts to resign and there is no desperate cheap labor available anymore on planet earth .. Just continue whining and get your blood pressure up, nothing will change.
It pisses me off but I'm sure EK management is laughing their ass off reading these posts ...
Action speaks louder then words...
Khallas
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Quote:
Would, perhaps, looking into it and finding out if it was true BEFORE ranting about it on PPRuNe and making comments like this-
---
oops..
Well Mr Smartypants, Since it was a "rumour" (that I heard from several persons) I thought it just might fit in here at the "Rumour Network" or do we need to do a check "á la CBS 60minutes" before we make a post here... Lots of people are talking about it, and i would be interesting to find out what others have heard...
Well, we'll just have to wait and see then...
(by the way... are you by any chance working in Management?
)
Would, perhaps, looking into it and finding out if it was true BEFORE ranting about it on PPRuNe and making comments like this-
---
oops..
Well Mr Smartypants, Since it was a "rumour" (that I heard from several persons) I thought it just might fit in here at the "Rumour Network" or do we need to do a check "á la CBS 60minutes" before we make a post here... Lots of people are talking about it, and i would be interesting to find out what others have heard...
Well, we'll just have to wait and see then...
(by the way... are you by any chance working in Management?
)
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post rumors, yes, complain and not even 3 years here, no.
the whole world knows that the owners of EK are a bunch of lying slave drivers.
you should have stayed on your ponderosa
the whole world knows that the owners of EK are a bunch of lying slave drivers.
you should have stayed on your ponderosa
by the way... are you by any chance working in Management?
Any chance you actually work for a rival airline? (I'm sure you don't but the idea is just as logical as "Anyone who critisizes me must be management").
Still, interesting that there are no fewer than three first-time posters on here...
Oh, and "Mr Smartypants"? Now THERE'S a well thought-out response!!
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Ben
It's one thing posting rumours, it's quite another spouting your mouth off when you could have spent less than a quarter of that time actually being arsed to go on the groupworld portal. The info there is based on fact. Here, it is often based on opinion. Just because you heard it from 'several people' does not a truth make.
Your first post made you out as a bit of a dick. The second post merely confirmed it. Take the advice and check first
Harry
It's one thing posting rumours, it's quite another spouting your mouth off when you could have spent less than a quarter of that time actually being arsed to go on the groupworld portal. The info there is based on fact. Here, it is often based on opinion. Just because you heard it from 'several people' does not a truth make.
Your first post made you out as a bit of a dick. The second post merely confirmed it. Take the advice and check first
Harry
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Pilots Leaving
Hey Khallas
Heres the fun part. In the past 3 years Emirates have employed over a 1000 pilots. However the seniority list has only increased by about 250 in that time. What does that tell you???? In the past week 15 people have left....last week the seniority list was 2550, this week 2535.... do the math!
The next 2 years in EK will be make or break. The company know already they have a miserable pilot force. The bonus is not the only thing they should be giving us. The whole package needs a re vamp...
Heres the fun part. In the past 3 years Emirates have employed over a 1000 pilots. However the seniority list has only increased by about 250 in that time. What does that tell you???? In the past week 15 people have left....last week the seniority list was 2550, this week 2535.... do the math!
The next 2 years in EK will be make or break. The company know already they have a miserable pilot force. The bonus is not the only thing they should be giving us. The whole package needs a re vamp...
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Confused.
Are you actually asserting that 750 pilots have left EK in the last three years or am I reading that incorrectly?
And if in fact you are saying that....well you belong in this neighbourhood with the the thread starter above.
f.
Are you actually asserting that 750 pilots have left EK in the last three years or am I reading that incorrectly?
And if in fact you are saying that....well you belong in this neighbourhood with the the thread starter above.
f.
Attrition was around 1-2% for the last two years, is about 3% now and rising.
No, nothing like 750, but it is getting to levels that should be concerning. 3% of 3000 pilots is 90- about 1/4 of our training capability, and more when you consider a Captain leaving generates two training events, and a TRI,TRE,SFI or LTC leaving means three or four...
No, nothing like 750, but it is getting to levels that should be concerning. 3% of 3000 pilots is 90- about 1/4 of our training capability, and more when you consider a Captain leaving generates two training events, and a TRI,TRE,SFI or LTC leaving means three or four...
Seaman,
Sorry, what was that rant in relation to? Not saying there aren't problems, but what exactley are you refering to? BCs assertion there will be no bonus? I THINK we've pretty much put it to bed that that isn't the case.
Sorry, what was that rant in relation to? Not saying there aren't problems, but what exactley are you refering to? BCs assertion there will be no bonus? I THINK we've pretty much put it to bed that that isn't the case.