Wed. Jul 15th, 2020

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Southwest Airlines Employees Earn $667 Million In 2019 profitsharing

3 min read

WEBWIRE

Southwest Airlines Co. (NYSE: LUV) declared it will share $667 million with its Workers via its ProfitSharing Approach for 2019, which features a discretionary, incremental profitsharing award for payment from The Boeing Organization connected to the 2019 financial effects of the MAX groundings. This $667 million profitsharing award is equal to $one.8 million a working day and is far more than six weeks’ fork out for just about every qualified Personnel.

This reward equals close to twelve.2 p.c of every qualified Employee’s qualified payment. On March 13, 2020 most Workers will receive 10 p.c of qualified payment as a contribution to the ProfitSharing Approach, and the remainder—approximately 2.2 percent—in hard cash. Some Workers will receive the whole profitsharing award as a contribution to their retirement accounts as specified in their collective bargaining agreements. Blended with the $925 million contributed in well being and welfare benefits, as effectively as $542 million contributed to 401(k) plans, Southwest’s complete retirement and benefits contribution to Workers in 2019 was $2.one billion.

“Our Workers delivered exceptional final results irrespective of a complicated calendar year, and it’s a satisfaction to reward our People today for all they contribute to our continued accomplishment,” claimed Gary Kelly, Chairman of the Board and Main Executive Officer of Southwest Airlines. “We realize their take care of, persistence, resilience, and devotion to every other, our Shoppers, and our bring about.”

For forty six consecutive a long time, Southwest Airlines has rewarded its Workers with a profitsharing award. Southwest Airlines was the initially in the industry to give a ProfitSharing Approach, and over four many years, Southwest ProfitSharing has totaled practically $five.8 billion—with over $five billion in the earlier two many years.

ABOUT SOUTHWEST Airlines CO.

In its 49th calendar year of assistance, Dallas-primarily based Southwest Airlines Co. (NYSE: LUV) proceeds to differentiate itself from other air carriers with exemplary Purchaser Support delivered by far more than sixty,000 Workers to a Purchaser foundation topping 130 million passengers annually. Southwest grew to become the nation’s most significant domestic air provider in 2003 and maintains that ranking primarily based on the U.S. Section of Transportation’s most modern reporting of domestic originating passengers boarded. In peak journey seasons, Southwest operates far more than four,000 weekday departures between a network of 102 locations in the United States and 10 added nations.

Southwest coined Transfarency® to explain its purposed philosophy of dealing with Shoppers actually and pretty, and very low fares really staying very low. Southwest is the only main U.S. airline to give bags fly free® to every person (initially and 2nd checked items of baggage, measurement and bodyweight restrictions apply, some carriers give free checked bags on choose routes or in certified instances), and there are no transform service fees, while fare distinctions might apply.

Southwest is a single of the most honored airlines in the environment, regarded for a triple base line tactic that contributes to the carrier’s performance and productiveness, the significance of its People today and the communities they serve, and an total commitment to effectiveness and the world. Master far more about how the provider offers again to communities throughout the environment by visiting Southwest.com/citizenship.  

Ebook Southwest Airlines’ very low fares on line at Southwest Airlines or by telephone at 800-I-FLY-SWA.

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