In the midst of Boeing’s 787 crisis, employees got good news Wednesday of big bonus payouts next month.
Based on the company’s financial results for 2012, Boeing’s white-collar-worker incentive plan next month will pay out an additional 14.75 days of pay to salaried employees working on commercial airplanes and 16 days to those on the defense side. That’s roughly a6 percent annual bonus.
Machinists were notified their separate, new incentive plan will deliver a bonus of 3.1 percent of their gross pay during the final six months of 2013.
The plan for white-collar workers represented by the Society for Professional Engineering Employees in Aerospace (SPEEA) pays out annually based on overall company and business-unit performance.
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With the average Boeing engineer’s annual salary now at $112,000, Boeing Commercial Airplanes engineers will get an average bonus of about $6,350. Defense side engineers will get an average of almost $6,900.
Salaried technical staff now earn an average $77,000, so those on the commercial side can expect an average $4,400 and on the defense side an average of almost $4,700.
Since its introduction in 2000, this incentive plan has averaged 11.5 days of additional pay each year, or 4.42 percent of earnings.
Salaried employees on the U.S. payroll will receive their award payment in their Feb. 28 paycheck.
Until now, the Machinists were left out of the February bonus bonanza.
This year, they have their own separate incentive plan, negotiated by the International Association of Machinists (IAM) in its landmark 2011 deal that extended the contract four years and secured the upcoming 737 MAX for Renton.
Under that pact, the Machinists plan began in mid-2012, so this time it’s only a six-month payout.
Next year and thereafter, the payout will be a percentage of a full year’s wages.
Unlike the white-collar plan, the Machinists’ plan is based on gross salary, including overtime.
IAM spokesman Bryan Corliss said the agreed bonus for meeting the plan’s set productivity, quality and safety targets was 2 percent. The 3.1 percent bonus means IAM members exceeded the targets.
Corliss said this year the payout to Machinists for the six-month period will be about $900 on average, plus up to 30 percent more, depending on overtime worked. The payout will be Feb. 21.
Dominic Gates: 206-464-2963 or email@example.com