“Southwest rewards people who believe in working and playing hard,” said Herb Kelleher, chairman, president and CEO
As part of its legendary commitment to its Employees to offer a unique, supportive and rewarding work environment, Southwest Airlines announced today that its Employees will share a record-setting $138 million in profitsharing. As a result, each Southwest Employee will receive additional tax-deferred compensation in the form of a profitsharing contribution representing 14.1 percent of his/her annual salary. There are 25,119 Employees currently eligible for the plan. Specifically:
* For 1999, an Employee who earned $25,000 will receive $3,525 in profitsharing.
* Including the 1999 contribution, Southwest has contributed more than $700 million to the plan. The value of the plan is in excess of $1.2 billion.
* Southwest Employees have received profitsharing for the past 26 consecutive years.
* Southwest was the first in the U.S. airline industry to introduce a profitsharing plan.
* Southwest has reported annual profits for 27 consecutive years as a result of its dedication to a low cost, high Customer satisfaction strategy.
“The Employees of Southwest work hard each year to ensure our success, and this is a great way to reward them for their efforts,” said Herb Kelleher, Southwest`s chairman, president, and CEO. “Announcing the profitsharing contribution each year is one of my most cherished moments.”
In North Texas, Southwest has 4,721 eligible Employees who will share $30.6 million of the profitsharing. In Arizona, 4,144 eligible Employees will share $25.8 million. In California, 3,278 eligible Employees will share $17.9 million. In Nevada, 629 eligible Employees will share $2.6 million in profitsharing.
Southwest Airlines is an Employer of choice with a sought-after culture, top-notch benefits and ongoing training. Its corporate philosophy encourages Employees to be creative and have fun.
Southwest Airlines offers frequent, low-fare, convenient flights across the U.S. The airline was named the Most Admired Airline in FORTUNE magazine`s 2000 list of Most Admired Companies. Southwest operates nearly 2,600 flights a day with a jet fleet of 312 Boeing 737s.