As I wrote about earlier, Emirates Airline reported a record $4.7 billion profit for the past financial year. The airline is celebrating this by rewarding employees in a pretty incredible way, which puts profit sharing at other airlines to shame…
110,000+ Emirates employees get huge bonuses
Emirates has historically offered profit sharing to employees when the airline has a good year. However, there’s no consistent formula to this, and it’s at the discretion of the company’s executives. With the airline having done so well the past financial year, employees are being rewarded in a generous way.
The Dubai-based airline has announced that all employees of the company will be getting a bonus equal to 20 weeks worth of basic salary. Yes, that means all Emirates employees will be getting nearly a 40% bonus on their basic salaries. It’s worth emphasizing that basic salaries aren’t necessarily equal to the total pay, as many flight crews have both basic pay plus an hourly pay.
Historically when Emirates has performed well, the airline has offered employees bonuses equal to several weeks worth of salary. For example, for the 2017-2018 financial year, the airline offered employees bonuses equal to five weeks worth of pay.
However, the airline didn’t do so well in 2018-2019, and then the pandemic happened, so there weren’t many profits to share. For the 2022-2023 financial year, Emirates reported record financial results, and brought back profit sharing, with a massive bonus equal to 24 weeks worth of salary.
Now for the 2023-2024 financial year, we’re seeing profit sharing that’s not quite as big, even though profits increased by around 62%. That’s fair enough, since last year’s bonus was intended to reflect years of there not being bonuses.
I can’t think of any airline that has ever offered employees profit sharing making up such a large percentage of their salary for two years in a row. Here in the United States, Delta has a formula for its profit sharing, and for the past year, Delta’s profit sharing was equal to 10.4% of pay.
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This is really great to see from Emirates
Gulf carriers are often vilified for their employment practices. While I think some criticisms are warranted, Emirates usually does a pretty job taking care of employees, and this is a clear reflection of that. Even without a union or collective bargaining agreement, it’s possible for a company to be generous with staff.
For two years in a row now, Emirates employees have received profit sharing equal to nearly 50% of their salary. I’m sure this will do a lot to help morale at the airline, and to ensure employees are invested in the continued success of the airline.
So many Emirates employees live in Dubai, while their families are back home in the country they’re originally from. Often the Emirates staff are bread winners for their whole family, so getting this kind of a bonus will make a material difference in their lives.
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Bottom line
Emirates reported a record profit of $4.7 billion, and the airline is celebrating that by offering employees profit sharing that’s equal to 20 weeks of salary. While not quite as big as last year’s bonus worth 24 weeks, this is still a very nice reward that I’m sure employees will be delighted by.
What do you make of Emirates’ massive bonus for employees?