Southwest Airlines Co. (NYSE: LUV) employees were awarded USD 543 million today in ProfitSharing, the company said.
The 2017 award equals approximately 11.3 percent of each eligible Employee´s eligible compensation–the equivalent of more than five weeks´ pay.
This USD 543 million contribution–nearly USD 1.5 million a day–is the third-largest total dollar amount Southwest AirlinesÂ® has ever allocated to ProfitSharing. Southwest ProfitSharing contributions have totaled more than USD 4.5 billion over 44 consecutive years, and more than USD 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.
In its 47th year of service, Dallas-based Southwest Airlines Co. (NYSE: LUV) continues to differentiate itself from other air carriers with customer service delivered by more than 56,000 employees to a customer base topping 120 million passengers annually, in recent years.