Congrats DAL employees...

[delta777]

http://www.ajc.com/news/content/business/s...NTUbTTUWUXUVUZT[U\UWU\UVUZUaUcUcTYWYWZV&urcm=y

So deserving, and job well done.

For a typical top-of-scale employee whose 2006 earnings were, for example, $40,000, here’s what this would mean.

First, a 4% pay increase would mean an additional $1,600 a year.

The emergence stock award would be approximately $9,500 (equal to nearly three months pay for this employee.)

The cash lump sum of 8% of earnings would be $3,200 upon emergence. This represents about one month’s pay for this individual.

The Shared Rewards would be $700.

The new defined contribution benefit would be around $2,900. This assumes that the employee takes full advantage of the plan to receive a 5% match on his or her contributions in addition to the 2% automatic Delta contribution.

If we hit our 2007 financial plan, profit sharing would be approximately $2,300 for this individual.

This totals over $20,000. That could mean up to 50% more in earnings for this individual over the next 12 to 14 months.

 

[chucky]

Delta CEO: Give my bonus away


By Marilyn Adams, USA TODAY

Turning his back on a potentially lucrative payday, Delta Air Lines CEO Gerald Grinstein said Monday that he is refusing any stock, stock options or cash when the carrier emerges from bankruptcy.
Grinstein, who has led the USA's No. 3 airline since January 2004, said he wants Delta instead to invest what he would have gotten in post-bankruptcy bonuses, to be used for scholarships and emergency hardship assistance for Delta employees, families and retirees. Under a post-bankruptcy compensation plan unveiled Monday, Grinstein could have been expected to net about $10 million, including such bonuses, over about three years.

Delta hopes to exit bankruptcy in May. Grinstein, 74, who plans to retire this summer, said it wouldn't be right to take money intended as an incentive for future executive performance.

"I'm leaving, so it doesn't fit me," he said in an interview. Besides, he said, "Corporate pay packages have gotten out of control. It has become a salary derby out there."

full story

 

[NYCDelta]

http://www.ajc.com/news/content/business/s...NTUbTTUWUXUVUZT[U\UWU\UVUZUaUcUcTYWYWZV&urcm=y

While I think what DL is doing for the employees is wonderful, there isn't much risk in the plan, which I guess is smart of them. The pay scales themselves will be increased to make us "competitive" within our "peer group". In other words, DL will probably never be the highest paying airline again.
The stock, profit-sharing, and reward payouts are all only given if the company hits their targets. Fine with me.
For every jetBlue, there's a Virgin America waiting in the wings, with a new fleet of no-cost aircraft and a low-paid junior workforce. I'm just glad I have another career to pay my bills, this industry is forever changed.
The thing I liked the most was that Grinstein didn't take his payout. Sure, he probably didn't need it and it may be just a PR ploy, but it reminded me of the old Delta (just a little).

 

[UALIADCS]

Congratulations to DL CEO, and to all the employees. That's what leadership is. This is respectable!

 

[luv2fly]

The stock, profit-sharing, and reward payouts are all only given if the company hits their targets. Fine with me.

Maybe I misunderstood the original press release, but I believe the stock will be issued as part of the equity stake and can be sold immediately. That would be in conjunction with the cash bonus.
The reward payouts, as you know, have come pretty steadily over the past year and I would expect that to continue.
Contratulations to all the well deserving DL employees.

 

[NYCDelta]

Maybe I misunderstood the original press release, but I believe the stock will be issued as part of the equity stake and can be sold immediately. That would be in conjunction with the cash bonus.
The reward payouts, as you know, have come pretty steadily over the past year and I would expect that to continue.
Contratulations to all the well deserving DL employees.

You are correct. I read it too quickly.

 

[Vikedog64]

You are correct. I read it too quickly.

This is the "New Delta". I am proud to work for this company...

 

[Gilding the Lily]

Sometimes it pays to be non-union. Congrats!

 

[WNrforlife]

Delta CEO: Give my bonus away


By Marilyn Adams, USA TODAY

Turning his back on a potentially lucrative payday, Delta Air Lines CEO Gerald Grinstein said Monday that he is refusing any stock, stock options or cash when the carrier emerges from bankruptcy.
Grinstein, who has led the USA's No. 3 airline since January 2004, said he wants Delta instead to invest what he would have gotten in post-bankruptcy bonuses, to be used for scholarships and emergency hardship assistance for Delta employees, families and retirees. Under a post-bankruptcy compensation plan unveiled Monday, Grinstein could have been expected to net about $10 million, including such bonuses, over about three years.

Delta hopes to exit bankruptcy in May. Grinstein, 74, who plans to retire this summer, said it wouldn't be right to take money intended as an incentive for future executive performance.

"I'm leaving, so it doesn't fit me," he said in an interview. Besides, he said, "Corporate pay packages have gotten out of control. It has become a salary derby out there."

full story

Gerry Grinstein, truly a giant among men.....