Boeing will pay substantial annual incentive bonuses to both white-collar staff and production workers that should inject more than $400 million into the Washington state economy next month.
On Boeing’s white-collar side, approximately 51,600 nonunion employees and unionized engineering staff in the state will receive between 16 and 17 extra days’ pay beginning Feb. 27.
The payout is based on the company’s financial performance in 2013. The jet-maker reported Wednesday a record net profit of $4.6 billion.
This year’s award is among the highest ever, equal to between 6.15 and 6.54 percent of earnings.
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Salary information for nonunion staff is not available, but average gross pay in 2012 for the more than 15,500 engineers and more than 6,900 technical staff who belong to the Society of Professional Engineering Employees in Aerospace (SPEEA) was $116,700 and $79,700, respectively.
That would mean average bonuses of more than $7,000 for the engineers and just shy of $5,000 for the technical staff.
Boeing estimates the total white-collar bonus payout in the state will be $300 million.
Among Boeing’s blue-collar workers, Machinist union members have a separate incentive plan, instituted in 2012, that’s based not on financial performance but on preset goals to improve safety, quality and productivity.
The 32,000 Boeing Machinists in the Puget Sound area, Portland and Wichita, Kan., will receive in their Feb. 20 paycheck a bonus of 4 percent of gross pay, including overtime.
The average gross pay for International Association of Machinists (IAM) District 751 members in 2012 was $85,000, which would mean an average bonus of $3,400.
The payout to Machinists in the state next month should therefore exceed $100 million.
The February bonus is separate from the $10,000 signing bonus each IAM member received earlier this month after the union members narrowly accepted a 10-year contract extension and benefit cuts in exchange for securing the work of building the 777X jet.
Boeing said the payout of the maximum percentage allowed in the IAM incentive scheme follows a “strong quality and productivity performance from employees.”
Dominic Gates: (206) 464-2963 or email@example.com