Qantas Airways’ 28,000 employees will be receiving a £43 million bonus as a reward for agreeing to an 18-month pay freeze policy to cut costs.
The bonus will be worth 5% of an employee’s base annual salary.
It will cost approximately AUS$90 million on full implementation.
This news follows Qantas reporting its best half-year profit for four years in August 2015. The bonus is designed to demonstrate the organisation’s appreciation for employees’ hard work and dedication.
The bonus does not extend to employees who are part of management bonus schemes, which will be determined separately.
Alan Joyce, chief executive officer of Qantas Group, said: “The rapid turnaround of the Qantas Group has only been made possible through the dedication and hard work of all our staff.
”Our ability to make these bonus payments reflects a bright future for the Qantas Group, provided we stay focused on fully delivering the transformation program that has brought us this far.”
Qantas expects to have reached at least AUS$875 million of the targeted AUS$2 billion of benefits in the Qantas Transformation programme as of the end of financial year 2015.