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Boeing’s private economic stimulus package

Post by John Gillie / The News Tribune on Jan. 31, 2008 at 4:35 pm |
January 31, 2008 4:35 pm

The federal government is talking about distributing $600 checks to citizens as a way to stimulate the lagging economy.

But Boeing has an idea of its own that will make the government’s payout look like petty cash at least to Boeing workers.

The aerospace giant will be handing out bonus checks equal to 15 days pay to some 47,000 workers in the Puget Sound area Feb.21.

The checks to Boeing union engineers and technical workers and to non-represented employees will average around $5,100 for engineers and $4,000 for technical workers, the company said.

The checks are part of the company’s Employee Incentive Plan that’s designed to reward workers when the company exceeds its own internal productivity and profit goals.

The company’s big employee bonanza wasn’t designed as an economic stimulus, but it will inject more than $200 million into the local economy.

The program, established in 2000, has paid employees here and in other Boeing locales 90 days extra pay since its inception.

Boeing won’t reveal the exact benchmarks it uses to calculate the reward, but they measure how Boeing workers deliver goods and services to customers and how efficiently that work is carried out.

“We exceeded out 2007 business plan goals, thanks to a strong focus on both growth and productivity by the people of Boeing,” said Boeing Chairman Jim McNerney.

Excluded from the incentive plan are Boeing’s union machninists, its production line workers. The machinists’ contract doesn’t include a provision for EIP participation.

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