Just a Hobby

gabby

Senior
Jul 24, 2006
306
48
PSA to Participate in Profit Sharing!
A Message from PSA President Keith Houk
January 30, 2007
US Airways reported 2006 results today and with a net profit of $507 million, a profit sharing
pool of $58.7 million will be distributed based primarily on concessions made by employee
groups during bankruptcy. PSA’s concessions were limited to the first bankruptcy and were
extremely small in relation to the overall concessions of other US Airways Group employees.
Therefore, since the distribution is directly in proportion to the amount of concessions, our payout
under the program will be limited.
Here is how the program works: When US Airways Group was in bankruptcy, each employee
group gave concessions in order for US Airways and its subsidiaries to emerge from bankruptcy.
Those employee groups will now participate in a distribution of funds that equates to 10% of US
Airways’ pre-tax profit.
The amount of funds available for PSA’s pool was based on PSA’s bankruptcy concessions.
PSA’s contribution to the first bankruptcy concessions was $1.1 million, which equates to
0.109% of the total concessions of all US Airways Group employees. Therefore, PSA employees
will share in the same percentage – 0.109% – of the profit sharing pool, for a total of $64,166.
How will this pool be divided among PSA employees? The pool will first be divided by employee
group based on that group’s percent of contributions to PSA’s total savings during the first
bankruptcy. Next, calculate the percentage that your W-2 wage is of the total 2006 W-2 wages for
your group. Your percentage, multiplied by your group’s pool will result in your payout.
For example, let’s say you are in Workgroup A.
· Workgroup A contributed 13% of PSA’s total concessions during the first bankruptcy.
Therefore, Workgroup A’s pool is $8,342 (13% of $64,166).
· If you had W-2 earnings of $30,000 in 2006 and all of the employees in your workgroup
had $8.2 million in 2006 W-2 earnings, your percentage of the workgroup’s pool is
0.37%
· Therefore your payout would be $30.87 (.0037 X $8,342).
You will receive your profit sharing payout during the first pay cycle in March. Payouts will be
included in your regular paycheck and will be identified as a separate line item on your pay stub.
Again, thank you all for your contribution to US Airways’ performance in 2006 and
congratulations on a well-earned profit share.
Find additional information about the earnings and
Mainline’s profit sharing program on theHub.usairways.com.



So add the $30 on top of my 2006 earnings of: $21095. And what you have is a hobby not a career let alone a just a job.

200 days in a hotel for $20k. Sure you want to be a pilot?

And thanks for the $30 PSA. Now my kids can afford a new pair of socks.
 
How much Profit did LCC Make?

CO result & % to profit sharing
Operating profit = $468M, 23.7%
Net profit = $343M, 32.4%

US result & % to profit sharing
Operating profit = $558M, 10.6%
Net profit = $304M, 19.4%

Jim
 
Gabby,

You should have heard the collective sigh in PIT from the PSA ground employees. It's a huge disappointment, to be sure.

Of course, Customer Service for PIT Express did not give back anything like the Mainline employees did. You can't take from someone who doesn't have anything, so we didn't lose anything in wages. But we did go without a contract for all of BK1 and BK2, so it might be seen as a five-year giveback. We have many employees who were frozen at the top of the scale for those five years.

I'm gonna try to fill my gas tank with my bonus. I'll definitely need it this week, considering the weather... :(
 
Don't forget its a bonus and taxed at a higher level. :lol:

A common misunderstanding.

Taxes will be withheld at the higher rate since it is a bonus, but the $30 will ultimately be taxed at the same rate as the OP's other income (unless, by chance, the $30 moves the OP into the next higher tax bracket, which seems extremely unlikely).

Sadly, the OP didn't make enough money for a person with kids to pay a dime in federal income taxes (although FICA and medicare is another story). :(

On the bright side, the Earned Income Credit is a distinct possibility. Thanks to President Nixon and Sen Moynahan for that. :)
 
So add the $30 on top of my 2006 earnings of: $21095. And what you have is a hobby not a career let alone a just a job.

200 days in a hotel for $20k. Sure you want to be a pilot?

And thanks for the $30 PSA. Now my kids can afford a new pair of socks.

Yikes!!! Are you in your probationary year? I cannot imagine flying 85+ for anything near that wage level! Physicals, Checkrides & Training to boot! Whoa! :eek:

2B
 
Yikes!!! Are you in your probationary year? I cannot imagine flying 85+ for anything near that wage level! Physicals, Checkrides & Training to boot! Whoa! :eek:

2B


Oh no....Going into year 3....

That is what 2 years of reserve gets you at PSA.