About 45,000 Boeing Co. employees in the Puget Sound area got nice bonuses in their paychecks Thursday — for a total of $182 million.
That was the payout from the company’s employee incentive plan and was determined by how well Boeing did in meeting certain financial targets during 2005.
Companywide, the incentive plan paid $439 million to about 109,000 workers, according to Boeing’s corporate headquarters in Chicago.
Non-union workers (but not executives) at Boeing are part of the incentive plan, as are most engineers and technical workers represented by SPEEA, the Society of Professional Engineering Employees in Aerospace.
“It was a very good payout,” said Bill Dugovich, the Puget Sound-area spokesman for SPEEA.
“Now we look for the company to include everybody and to make it a real incentive plan,” he added.
The union was included in the incentive plan for the first time in its new three-year contract, which was negotiated with the company late last year. But the SPEEA unit in Wichita, Kan., which represents technical workers, is not part of the plan.
And members of the Machinists union — the workers who actually assemble Boeing jets in Renton and in Everett — also are not included.
In its initial offer to Machinists during contract talks last year, which broke down and resulted in a four-week strike, Boeing offered Machinists a performance-based incentive plan that would have provided five to 15 days of extra pay should Boeing meet or exceed certain financial targets. But that was not in the final Boeing offer that the union eventually accepted.
Boeing had 62,842 employees in Washington state as of Jan. 31. Almost all of those are in the Puget Sound area.
SPEEA represents about 18,200 engineers and technical workers in the region. The average annual salary of the engineers represented by SPEEA is $81,500. The average annual salary of technical workers represented by SPEEA is $62,600 a year.
One of the union’s top issues going into the 2005 contract talks was to be included in the employee incentive plan, which provides a payout once a year of up to a maximum of 20 days’ pay. Thursday’s payout was for 14 work days, or nearly three weeks extra pay.
Boeing’s board meets in late January to determine the payout based on how close the company came to meeting economic and profit targets set at the start of the previous year. The payout usually occurs in late February.
Earlier this month, Boeing reported fourth-quarter net income of $460 million and full-year income of $2.6 billion, both up sharply from 2004. The company does not disclose what specific financial targets are used to trigger the incentive payout.
..and this explains why I just bought myself all those gadgets and toys as of late.
Next year Boeing expects profits over $60 BILLION dollars! A full months pay bonus, here we go…
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