Tag Archives: msn 29810

Southwest Airlines employees celebrate “ProfitSharing Day”; receive $543 million in 2017 profit sharing

Southwest Airlines employees were awarded $543 million on March 15 in ProfitSharing. The 2017 award equals approximately 11.3 percent of each eligible employee’s eligible compensation—the equivalent of more than five weeks’ pay.

This $543 million contribution—nearly $1.5 million a day—is the third-largest total dollar amount Southwest Airlines^® has ever allocated to ProfitSharing. Southwest ProfitSharing contributions have totaled more than $4.5 billion over 44 consecutive years, and more than $2 billion for the past four years alone (2014-2017).

The company paid part of the ProfitSharing award to the retirement plan and part in cash. Most eligible employees received 10 percent of eligible compensation as a contribution to the ProfitSharing Plan, and the remainder—approximately 1.3 percent—in cash. Pilots received the entire ProfitSharing award as a contribution to their retirement plan accounts as specified in their collective bargaining agreement.

When combined with contributions of $476 million to its 401(k) plans, this ProfitSharing award represents a total investment of more than $1 billion in Southwest Employees in 2017. This is in addition to the $1,000 tax reform bonus already paid to each eligible Employee in January 2018, on top of base salaries.

Southwest was the first in the airline industry to offer a ProfitSharing Plan. Through the ProfitSharing Plan, Southwest Employees currently own more than 4 percent of the Company’s outstanding shares.

Southwest Airlines aircraft slide show (current livery):

Southwest Airlines launches service at Long Beach Airport

https://airlinersgallery.smugmug.com/World-Airline-News/World-Airline-News-June-2016/i-xRTjbrk/A

Southwest Airlines on June 5, 2016 embarked upon a new chapter in its faithful 35-year partnership with California. The carrier inaugurated service at Long Beach Airport, the carrier’s 98th city served. Southwest now offers service in all five major commercial airports in the L.A. Basin with four flights a day to and from the Bay Area nonstop between Long Beach and Oakland.

Southwest now offers a peak summer schedule of nearly 60 flights a day in each direction between Oakland and Southern California’s five airports in the greater L.A. region, plus San Diego.

Last week, Southwest filed an application for route authority to add new daily international service later this year from LAX to Cancun, Puerto Vallarta, and San Jose del Cabo/Los Cabos in Mexico, alongside daily service to Costa Rica which began in April. Southwest also flies internationally from John Wayne Airport in Orange County to Mexico City, Puerto Vallarta, and San Jose del Cabo/Los Cabos.