In recognition of our 2010 profit, we will pay out profit sharing to eligible employees throughout the system on Feb. 14.
“Thanks to the contributions of everyone on the team, the new United is off to a strong start,” Jeff said. “We can all be proud of achieving profitability at both airline subsidiaries and our ability to share in the profit we all created. In 2011, we will work together toward our goal of achieving sustained profitability, which is the foundation for stable careers and greater opportunities at a successful company.”
Local leaders will hold celebrations with co-workers throughout the system on Valentine’s Day. At many locations, company officers will join in these “Working together: There’s money in it” events. Local leaders will provide co-workers with event details, including times and locations, soon.
As part of our 2010 year-end earnings announcement last week, the new United reported an aggregate, profit sharing accrual of $224 million, based on its combined full-year financial results. On Feb. 14, the United and Continental subsidiaries will distribute payouts calculated based on the separate 2010 UA and CO Profit Sharing plans and each separate subsidiary’s earnings. Eligible CO co-workers will receive approximately $71 million of profit sharing, with payments equal to approximately 3.9% of their eligible 2010 annual wages. Eligible UA co-workers will receive approximately $153 million of profit sharing, with payments equal to approximately 5.9% of their eligible 2010 annual wages.
Payments will be made via check or direct deposit, depending on a co-worker’s current payroll election. For Association of Flight Attendants-represented co-workers, the company will make the entire payout as an employer contribution to their 401(k) accounts.
For more on the UA Profit Sharing plan, co-workers may visit SkyNet’s Employee Services tab > Compensation > Profit Sharing.
For more on the CO 2010 Profit Sharing plan, co-workers may review Employee Bulletin No. 2 from February 2010 and the accompanying Q&A on Insidecoair > News and Information > Employee Bulletins.
Congratulations, and thank you for your contributions that made 2010 a banner year at the new United! We will announce details of the 2011 Profit Sharing plan for the new United soon.
Editorial: United with a heart?? $3,900 check on Valentines? Well that is normal for CAL they always handed out profit share checks on that day. Whereas old United they haven't made a profit and contractual they don't they have to pay before April 30th.
Maybe this is a "New United"
Jock
