Published on : Friday, February 15, 2019
Southwest Airlines announced this week that it will share $544 million with its Employees through the Company’s ProfitSharing Plan. This reward equals approximately 10.8 percent of each eligible Employee’s eligible compensation.
This is Southwest’s 45th consecutive ProfitSharing award, starting with the first ProfitSharing payout in 1974. The Company will pay part of the award to the retirement plan and part in cash. Most Employees will receive 10 percent of eligible compensation as a contribution to the ProfitSharing Plan and the remainder in cash, both of which will be paid on March 15, 2019. Some Employees will receive the entire ProfitSharing award as a contribution to their retirement plan accounts as specified in their collective bargaining agreement.
“Our People are our greatest asset and they deserve all the credit for our continued success,” said Gary Kelly, Chairman of the Board and Chief Executive Officer of Southwest Airlines. “The vast majority of our Employees describe their work as ‘a calling,’ and it’s an honor to be able to recognize them for their passion, dedication, and their contributions.”
The 2018 ProfitSharing award is the third highest in Company history.
Source:- Southwest Airlines
Tags: Southwest Airlines