Manufacturing Industry
Continental to introduce enhanced profit sharing programme
Airline Industry Information, Jan 6, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
Continental Airlines has pledged to replace some of the USD500m it is seeking in wage and benefit concessions with enhanced profit sharing once the carrier becomes profitable again.
The airline said on Tuesday (4 January) that it will share 30% of the first USD250m in pre-tax income, 25% of the next USD250m and 20% of amounts exceeding USD500m. Under the previous programme Continental distributed among employees 15% of pre-tax income, regardless of the level of profits.
The five-year programme will be implemented if the carrier achieves USD500m in annual wage and benefit concessions by 28 February 2005.
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