Southwest Airlines to share $620 million with staff

Southwest AirlinesSouthwest Airlines is to give $620 million to its employees as part of its 2015 profit sharing plan.

On 29 April 2016, eligible employees will receive the equivalent of eight weeks of pay or almost 16% of their eligible compensation.

This is the highest total amount that the airline has ever allocated to staff through its profit sharing scheme.

When the $620 million contribution is added to the organisation’s $325 million in employer matching and other amounts contributed to the Southwest Airlines’ retirement plans, the organisation will have rewarded its employees with a total retirement benefit of around $945 million in 2015.

In addition to retirement benefits, the air carrier invested more than $672 million in employee benefits for its 49,000 of staff in 2015.

Gary Kelly, chairman, president, and chief executive of Southwest Airlines, said: “Behind every milestone Southwest Airlines has celebrated our employees are the driving force. I’m incredibly proud of the teamwork and heart behind every accomplishment.

“Our people have built one of the world’s most admired organisations, and they share in Southwest’s success with this third consecutive record-breaking profit sharing contribution.”