£110k+ EZY MPL scheme
Thread Starter
Joined: Jan 2000
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£110k+ EZY MPL scheme
Is it really true that it's now costing £110k to join EZY?
Come on guys, this is a FTSE100 business.
PS - I don't recall the selling of army commissions 100+ years ago helped much with the quality but you'll know better.
Come on guys, this is a FTSE100 business.
PS - I don't recall the selling of army commissions 100+ years ago helped much with the quality but you'll know better.
Joined: Feb 2013
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From: The Wood
easyJet Finance | CTC Wings
No it's not true. You could've googled it yourself. End of thread.
Quite an apt word you used there, business. Not charity. If you have no experience and want to join one of the most successful, secure, well paid airlines (yes it is) then you have to invest in yourself. 10 years ago it wasn't a proven product - people needed to be incentivised to invest their time and experience in the company - by way of joining bonuses. Now it's an extremely proven product which can deliver consistent, high quality training, a future and as good a security as any airline in the industry can.
No it's not true. You could've googled it yourself. End of thread.
Quite an apt word you used there, business. Not charity. If you have no experience and want to join one of the most successful, secure, well paid airlines (yes it is) then you have to invest in yourself. 10 years ago it wasn't a proven product - people needed to be incentivised to invest their time and experience in the company - by way of joining bonuses. Now it's an extremely proven product which can deliver consistent, high quality training, a future and as good a security as any airline in the industry can.
Joined: Nov 2012
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From: Gran Bretaña
For anyone who might need the loan, with a 24 month repayment holiday, it looks a lot like you'd be making repayments before Easyjet were repaying the bond. This could make for some very lean times initially. Correct me if I'm wrong, but the timings don't look particularly kind in that regard.
Joined: Jun 2001
Posts: 4,777
Likes: 9
From: Blighty
Is it really true that it's now costing £110k to join EZY?
Come on guys, this is a FTSE100 business.
Come on guys, this is a FTSE100 business.
Joined: Feb 1999
Posts: 1,095
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From: UK
A quick look at the compensation for those at the top of Easy:
The CEO McCall had a total compensation in 2011 of £1.55m. In 2013 her compensation was £6.45m. Her salary was £655k, but her bonus was £1.153m. The remainder paid in shares. She currently holds £4.95m in shares.
The CFO, Chris Kennedy, had a total compensation of £681k in 2011. In 2013 he took £3.7m from the business. His current share holding in Easy is £2.41m
It certainly isn't a charity.
The CEO McCall had a total compensation in 2011 of £1.55m. In 2013 her compensation was £6.45m. Her salary was £655k, but her bonus was £1.153m. The remainder paid in shares. She currently holds £4.95m in shares.
The CFO, Chris Kennedy, had a total compensation of £681k in 2011. In 2013 he took £3.7m from the business. His current share holding in Easy is £2.41m
It certainly isn't a charity.
Thread Starter
Joined: Jan 2000
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CTC now has its private equity backers Inflexion to satisfy and they want to make 30%+ returns per annum on their money. This deal should help.
Nevertheless, this is a staggering cost, which does not appear to be condemned by BALPA or EZY training captains.
Nevertheless, this is a staggering cost, which does not appear to be condemned by BALPA or EZY training captains.
Joined: Feb 2010
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From: Planet Moo Moo
A mucker of mine who's a Training Captain at Easy has been grumbling about these schemes for a while now. He feels like he's flying single pilot alot of the time due to the throughput of inexperienced cadets.
Love to know where they got the money though!!!! £110,000 plus cost of living and extras, that's huge!
Love to know where they got the money though!!!! £110,000 plus cost of living and extras, that's huge!
Joined: Oct 2004
Posts: 739
Likes: 6
From: York
WBF
Those four sector earlies must be quite tiring? Are you sure forty years of that is sustainable?
.
I imagine the customers would rather not know! But then Easy have to replace all those abandoning ship somehow I guess??
Look on the bright side. At least they just have to have rich parents to get in, and stump up the dosh. Rather than answer any of those pesky BA questions!
I was viewing it on an iphone after a 4 sector early
He feels like he's flying single pilot a lot of the time due to the throughput of inexperienced cadets
I imagine the customers would rather not know! But then Easy have to replace all those abandoning ship somehow I guess??
Love to know where they got the money though!!!! £110,000 plus cost of living and extras, that's huge!
Joined: Oct 2011
Posts: 321
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From: United Kingdom
Quite an apt word you used there, business. Not charity. If you have no experience and want to join one of the most successful, secure, well paid airlines (yes it is) then you have to invest in yourself.
Quite frankly, the scheme is a disgrace. The vastly inflated price is one issue, but the main one is the lack of a loan guarantee a la BA's FPP. No loan guarantee means only the richest or those stupid enough to gamble their (parents) house can apply. How's that for social mobility? EZY could make the scheme infintely better easily, all it would take is a simple guarantee so all cadets could get a loan.
Joined: Apr 2014
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From: Miles from where I want to be.
Seems to hbe going up in price by £5k a year. Still there will be no shortage of people with the cash, even during the worst of the recession there was never a problem getting them to sign up. if I had paid £110k for this job, I'd be wanting a refund!
Joined: Jul 2005
Posts: 415
Likes: 1
From: UK
And if nobody pays... What then?
Quick thought experiment.
If nobody else paid that amount of money, then how would they get their pilots? Same for any airline. If people stopped paying to work, then the airlines would need to start recruiting people and paying for those people's training. Think about it.
ALL THE DELUDED PAY TO TRAIN MPL LOT ARE PLAYING INTO THEIR HANDS!
If you all stuck together, got yourselves the minimum licences required for the job, THEN STOPPED THERE, it would be up to the airlines to fund your TR, put you on a CRM/MCC/JOC or whatever other crap they call it this week (which would probably dry up and be done away with, once no flight schools were making money taking an extra £1-2000 off all pilots) and train you in-house to their standards while picking up the tab.
Even better would be to stop paying for everything post-PPL. Now tell me why that wouldn't work?
Contrast this with train driving, a job with similar responsibilities to an airline pilot. Fair play it's not flying, but hear me out. It pays a decent wage once trained (circa £35k+ initially with most UK companies, rising to £50k+), and hear this: YOU ARE PAID WHILE TRAINING. So the rail company pays YOU a salary (around £18-22k), trains you up at cost to them, then employs you with (still listening?!) very agreeable terms and conditions. There is a fairly rigorous selection process, and a small percentage of those who apply off the street make it all the way, but that's how it is. Plus, at the end of it all they get a driver who met all the necessary criteria on their own merit (sadly some people aren't up to it) and has been trained by the company since day one.
In the airline world, you have a stupid system where people keep paying to tick all the boxes and add the ratings, try to make themselves more "employable" by paying for further courses etc and trying to get one over their contemporaries to apply for few jobs where supply far outweighs demand. Buying hours on type and all kinds of nonsense. Also, there is a widespread cancer of people not actually having the basic flying skill, or experience built hard-wired knowledge that comes from working their way up the ladder from stick and rudder flying onto more advanced aircraft with a lot more automation (but that still fly like a real plane if you kick it all out) but have little in the way of manual handling skill, and who aren't encouraged to develop more manual flying skills in the normal line of work.
The industry is knackered, with no immediate sign of improvement, especially here in Europe, and I for one am happy scratching a living flying spamcans and have lost any sort of aspirations I had as a kid towards being an airline pilot. Hopefully more people will see the light and stop sucking up the FTO propaganda and paying thousands, and the boot will be on the other foot and airlines will lose their power over the masses and start having to offer training to prospective employees, and pay them a decent salary to attract the right calibre of pilot.
Quick thought experiment.
If nobody else paid that amount of money, then how would they get their pilots? Same for any airline. If people stopped paying to work, then the airlines would need to start recruiting people and paying for those people's training. Think about it.
ALL THE DELUDED PAY TO TRAIN MPL LOT ARE PLAYING INTO THEIR HANDS!
If you all stuck together, got yourselves the minimum licences required for the job, THEN STOPPED THERE, it would be up to the airlines to fund your TR, put you on a CRM/MCC/JOC or whatever other crap they call it this week (which would probably dry up and be done away with, once no flight schools were making money taking an extra £1-2000 off all pilots) and train you in-house to their standards while picking up the tab.
Even better would be to stop paying for everything post-PPL. Now tell me why that wouldn't work?
Contrast this with train driving, a job with similar responsibilities to an airline pilot. Fair play it's not flying, but hear me out. It pays a decent wage once trained (circa £35k+ initially with most UK companies, rising to £50k+), and hear this: YOU ARE PAID WHILE TRAINING. So the rail company pays YOU a salary (around £18-22k), trains you up at cost to them, then employs you with (still listening?!) very agreeable terms and conditions. There is a fairly rigorous selection process, and a small percentage of those who apply off the street make it all the way, but that's how it is. Plus, at the end of it all they get a driver who met all the necessary criteria on their own merit (sadly some people aren't up to it) and has been trained by the company since day one.
In the airline world, you have a stupid system where people keep paying to tick all the boxes and add the ratings, try to make themselves more "employable" by paying for further courses etc and trying to get one over their contemporaries to apply for few jobs where supply far outweighs demand. Buying hours on type and all kinds of nonsense. Also, there is a widespread cancer of people not actually having the basic flying skill, or experience built hard-wired knowledge that comes from working their way up the ladder from stick and rudder flying onto more advanced aircraft with a lot more automation (but that still fly like a real plane if you kick it all out) but have little in the way of manual handling skill, and who aren't encouraged to develop more manual flying skills in the normal line of work.
The industry is knackered, with no immediate sign of improvement, especially here in Europe, and I for one am happy scratching a living flying spamcans and have lost any sort of aspirations I had as a kid towards being an airline pilot. Hopefully more people will see the light and stop sucking up the FTO propaganda and paying thousands, and the boot will be on the other foot and airlines will lose their power over the masses and start having to offer training to prospective employees, and pay them a decent salary to attract the right calibre of pilot.
Joined: Jul 2014
Posts: 1,853
Likes: 356
From: UK
We know there is no stopping it. No matter how many people try the if everyone stuck together scenario, there will always be the rouges. With CAA and CTC marketing skills the rot will never stop. Anyhow it doesn't differ to much to people going to a third rate UK university paying 9k a year to get some airy fairy degree. Yes it's a third of the cost but perhaps you could say there's more chance of they will end up will les reward for their capital.
My worry is will these new cadets have jobs for the whole of their 40 year career. (Maybe a bit of thread drift) but how likely is it within the next 40 years UAV commercial jets will be common. If not UAV's certainly single pilot flight decks even if remotely monitored. We talk of airline overcapacity, I predict in years to come there will be world wide pilot over capacity. We need to face the fact we're going the way of the car plant workers.
My worry is will these new cadets have jobs for the whole of their 40 year career. (Maybe a bit of thread drift) but how likely is it within the next 40 years UAV commercial jets will be common. If not UAV's certainly single pilot flight decks even if remotely monitored. We talk of airline overcapacity, I predict in years to come there will be world wide pilot over capacity. We need to face the fact we're going the way of the car plant workers.
I REALLY SHOULDN'T BE HERE
Joined: Dec 2005
Posts: 2,458
Likes: 551
From: TOD
I don't buy the CAT UAV angle - as professional pilots we fly a little bit but spend most of our time making operational safety and commercial decisions which are frequently nuanced. A car plant is a controlled environment - the big blue sky is anything but.