Open a bottle of ‘champers’ because it’s pay day for Qantas Group employees, who are set to take a share of $90 million put aside for staff bonuses.
The bonus is for around 28,000 staff who accepted the company’s 18-month wage freeze. Those that didn’t accept it… well they’re not getting any of it.
This will be a one-off payment will represent around five percent of their base salary. By our calculation, this would mean that if someone is on $60K then they’re getting a cheque of around $3,000.
Qantas’ CEO Alan Joyce said the bonus is recognition of the contribution staff have made to strengthening the group’s long-term position.
Joyce said bonuses are recognition for staff contribution to the airline’s success.
“The rapid turnaround of the Qantas Group has only been made possible through the dedication and hard work of all our people.”
Alan Joyce, Qantas CEO
“Our ability to make these bonus payments reflects a bright future for the Qantas Group, provided we stay focused on fully delivering the transformation program that has brought us this far.”
Thanks to the wage freeze, network changes and other initiatives Qantas is expecting realise at least $875 million of the targeted $2 billion of benefits in the Qantas Transformation program as of the end of financial year 2015.
Bonus payments for employee groups not currently covered by the wage freeze policy will be made once agreements including the wage freeze are finalised.
This bonus does not extend to employees who are part of management bonus schemes, which will be determined separately.
The bonus payment will be made to up to 28,000 Qantas Group employees, costing an estimated $90 million on full implementation. It is anticipated that the non-recurring cost of up to $90 million will be recognised in the Group’s 2016 financial year, outside of underlying earnings.