Southwest Airlines Employees Earn $667 Million In 2019 profitsharing

WEBWIRE – Friday, February 7, 2020 Southwest Airlines Co. (NYSE: LUV) announced it will share $667

WEBWIRE

Southwest Airlines Co. (NYSE: LUV) announced it will share $667 million with its Employees through its ProfitSharing Approach for 2019, which includes a discretionary, incremental profitsharing award for payment from The Boeing Enterprise associated to the 2019 economical effects of the MAX groundings. This $667 million profitsharing award is equivalent to $1.eight million a day and is a lot more than six weeks’ spend for every qualified Worker.

This reward equals somewhere around 12.two p.c of every single qualified Employee’s qualified payment. On March thirteen, 2020 most Employees will get 10 p.c of qualified payment as a contribution to the ProfitSharing Approach, and the remainder—approximately two.two percent—in cash. Some Employees will get the whole profitsharing award as a contribution to their retirement accounts as specified in their collective bargaining agreements. Merged with the $925 million contributed in health and welfare advantages, as nicely as $542 million contributed to 401(k) ideas, Southwest’s whole retirement and advantages contribution to Employees in 2019 was $two.1 billion.

“Our Employees delivered outstanding effects in spite of a complicated calendar year, and it’s a enjoyment to reward our Persons for all they add to our ongoing results,” claimed Gary Kelly, Chairman of the Board and Chief Govt Officer of Southwest Airlines. “We realize their take care of, persistence, resilience, and devotion to every single other, our Customers, and our trigger.”

For forty six consecutive years, Southwest Airlines has rewarded its Employees with a profitsharing award. Southwest Airlines was the 1st in the field to supply a ProfitSharing Approach, and above 4 decades, Southwest ProfitSharing has totaled just about $5.eight billion—with above $5 billion in the past two decades.

ABOUT SOUTHWEST Airlines CO.

In its forty ninth calendar year of provider, Dallas-dependent Southwest Airlines Co. (NYSE: LUV) continues to differentiate by itself from other air carriers with exemplary Buyer Provider delivered by a lot more than 60,000 Employees to a Buyer foundation topping 130 million passengers annually. Southwest grew to become the nation’s biggest domestic air carrier in 2003 and maintains that position dependent on the U.S. Department of Transportation’s most modern reporting of domestic originating travellers boarded. In peak vacation seasons, Southwest operates a lot more than four,000 weekday departures amongst a network of 102 locations in the United States and 10 supplemental international locations.

Southwest coined Transfarency® to describe its purposed philosophy of treating Customers actually and fairly, and low fares actually remaining low. Southwest is the only big U.S. airline to supply baggage fly absolutely free® to anyone (1st and second checked parts of luggage, sizing and excess weight boundaries use, some carriers supply absolutely free checked baggage on pick out routes or in certified circumstances), and there are no change charges, though fare differences might use.

Southwest is one of the most honored airlines in the planet, identified for a triple bottom line strategy that contributes to the carrier’s effectiveness and efficiency, the value of its Persons and the communities they provide, and an overall determination to effectiveness and the world. Find out a lot more about how the carrier offers again to communities throughout the planet by viewing Southwest.com/citizenship.  

Guide Southwest Airlines’ low fares online at Southwest Airlines or by telephone at 800-I-FLY-SWA.

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