- Dec 21, 2002
- 5,998
- 347
Oh,,I forgot, we have a contract!
bizjournals.com
Northwest to share profits with employees
Friday December 22, 11:12 am ET
Northwest Airlines is headed out of the red and plans to share profits with eligible employees.
The carrier said Thursday said it would post a profit of between $230 million and $270 million before taxes and bankruptcy reorganization charges this year. The Business Journal reported in November that the company has forecasted a "modest profit" for fiscal 2006.
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Documents filed with the Securities and Exchange Commission show the airline creating a pre-tax profit-sharing pool of $23 million to $27 million for qualifying workers. CEO Douglas Steenland sent a letter to employees about the plan on Wednesday.
Roman Blahoski, a spokesman for Northwest, said all contracted, salaried and management positions that are not already part of an incentive-compensation program are eligible.
Under the plan, for example, an employee earning $40,000 a year would receive a profit-sharing award of about $700 while an employee making $60,000 would receive about $1,000, Blahoski said.
The profit share is expected to be paid to employees on March 31 after completion of full-year financial results.
Published December 22, 2006 by the Minneapolis/St Paul Business Journal
bizjournals.com
Northwest to share profits with employees
Friday December 22, 11:12 am ET
Northwest Airlines is headed out of the red and plans to share profits with eligible employees.
The carrier said Thursday said it would post a profit of between $230 million and $270 million before taxes and bankruptcy reorganization charges this year. The Business Journal reported in November that the company has forecasted a "modest profit" for fiscal 2006.
ADVERTISEMENT
click here
Documents filed with the Securities and Exchange Commission show the airline creating a pre-tax profit-sharing pool of $23 million to $27 million for qualifying workers. CEO Douglas Steenland sent a letter to employees about the plan on Wednesday.
Roman Blahoski, a spokesman for Northwest, said all contracted, salaried and management positions that are not already part of an incentive-compensation program are eligible.
Under the plan, for example, an employee earning $40,000 a year would receive a profit-sharing award of about $700 while an employee making $60,000 would receive about $1,000, Blahoski said.
The profit share is expected to be paid to employees on March 31 after completion of full-year financial results.
Published December 22, 2006 by the Minneapolis/St Paul Business Journal
