Boeing’s nearly $4 billion profit announcement Wednesday was good news not only for investors but also for Boeing employees.
Thousands of Boeing workers will be receiving bonuses averaging more than two weeks pay because of the company’s healthy financial performance.
Boeing workers in its Commercial Airplanes division will receive additional pay equal to 14.75 days of extra wages while workers in the company’s corporate, defense and capital divisions will get 16 days of extra pay, said Boeing.
For Boeing engineers, whose average pay is about $112,000 a year, the bonus will amount to about $6,350 before taxes if they work in the Commercial Airplanes division and about $6,888 minus taxes if they worked in the Defense division.
Machinists Union members won’t be receiving those bonuses. Instead they’ll get an average of about $900 in extra pay in their Feb. 21 paychecks. Machinists are covered under a different incentive plan that was not in effect during the whole year.
Boeing has awarded bonus payments to its workers annually since 2000. The awards are based on company performance measured by a set of standards established by Boeing’s board. Since the incentives were implemented, Boeing workers have received an average of an extra 11.5 days pay per year.
The Employment Incentive Plan payments last year were slightly less, 15 days for Commercial Airplane and Defense divison workers and 16 days for corporate.