Jet2 pay rises
 

Jet2 have huge and aggressive expansion plans, coming from fairly humble beginnings to now a major threat and competitor to Tui. So much so, that Tui is actually loosing pilots to Jet2 - a situation unthinkable just a few years ago!

What have Jet2 pay rises been like over the past few years?

9% last year , 5% just announced
very good share options / bonuses

Thanks for this. Was last years 9% awarded in one go, or is that the total of a number of smaller pay rises throughout the year? Can you elaborate more on the share options? 🙏

the 9% was in one go , this 5% was on the rumour mill for a while so nice to see its true !

Share option I don’t really understand, I’m sure someone can elaborate, but something like 5% of profit …..
I don’t have access to the email at the moment

So it was 6% last year and is likely to be 5% this year.

However, you are not automatically eligible for it. I think you have to do a year, which makes sense.

You say tui pilots are coming to Jet2. I’ve seen a couple of FOs……never seen any Captains. I would argue that historically more FOs have gone to Tui than vice versa.

Is the 5% pay rise accounted for in the figures on PPJN or is it a very recent thing? Is it 5% uplift on basic only, or does it also uplift sector pay / time away from base? Thanks.

Im sorry that is wrong , do you work for Jet2 ?
9% April this year , 5% April next year ( it’s confirmed)
you would be utterly mad to leave Jet2 for TUI
Yes many years ago when I was sat in my 777 in the flag carrier’s colours I used to think Jet2 looked a bit W*nk but now they are a major player.

That’s right - no captains. But FOs yes. Not sure how many though.

Just to clarify though. Was it 9% last year or 6%?

I believe it’s everything

no those are the old figs

No I work for Air India……what a stupid question! :ugh:
I was talking about the bonus. It was 6% FY22-23. For FY 23-24 it will likely be 5%…….its a discretionary bonus so not guaranteed. All being well and no big black swan event then it should be paid.

Is it possible to get the actual pay rises/increase with the dates over say, the last 3 years? I only ask because getting an accurate response is important to building the correct picture. There is a perception in TUI that Jet2 have had significant increases to remuneration over this time frame and the gulf between the remuneration between the two carriers has significantly reduced. But unfortunately this may not be correct. I wish it was.

I know of 3 captains who’ve made the move. 2 of them are ex Thomas Cook though, so likely to be driven by job security rather than perks.

I know of 3 captains who’ve made the move. Two of them are ex Thomas Cook though, so likely to be driven by job security rather than perks.

Why on earth would you leave TUI for Jet2 for job security?

Most people join Jet2 to be based closer to home.

It’s not share options in the traditional sense. It’s a share save scheme. You can save up to £500 per month (taken from post tax salary) over three years then have an option to buy shares at the price set at the start of the scheme. For instance, someone who started in the first issue in 2022 had an option price of 766p. Current share value is 1280p.

Done a survey have you?

3 years ago - Covid - no pay rise
2 years ago - Covid - no pay rise
1 year ago - 9% all in one go
This years pay rise will be 5.5% all in one go

Additionally there is a profit share scheme. Last year it was 6% of the profit shared out between all employees.

There is also a share save scheme giving you an opportunity to opt in and save upto £500 per month for a 3 year period. When the 3 years is up you use the money saved to purchase shares at a price set at the start of the saving scheme.

So still a real terms pay cut unfortunately.

BoE inflation calculator shows total inflation of 22% from 2019 to now :uhoh:

Sadly everywhere is sub inflation in the UK.