In one day, Boeing is putting $75 million into Everett’s Economy
Last week we told you about the bonus Boeing Machinist’s Union members received last Thursday as part of their contract with Boeing. Thousands of Boeing blue-collar workers got between $500.00 and $1500.00. Now its time for the white-collar workers to get their bonus checks. Boeing does not publicly break out their employment numbers by city but does say they have more than 107,000 workers worldwide who are eligible for this bonus. In a press statement today Boeing says in Washington state, 51,820 employees will receive more than $295.9 million. There are around 40,000 people who work at the various Boeing plants in Everett-Mukilteo. While the vast majority are blue-collar workers there are at least 10,000 engineering and technical employees in Everett along with thousands of office and support staff. Let’s say of the 40,000 workers in Everett, there are 15,000 workers who quality for the bonus. That means a Thursday shot in the arm to Everett’s economy of $75 million dollars out of the $295 million being dispensed across Washington State.
Here’s how Boeing explains the bonus that’s being paid out tomorrow.
The 2012 Employee Incentive Plan (EIP) awards range from 14.75 and 16 days of additional pay, among the best-ever awarded by the plan. They are based on 2012 financial results as recorded by Boeing Commercial Airplanes, Boeing Defense, Space and Security and the company as a whole. The awards, which will be paid beginning Feb. 28, equate to a bonus of between 5.67% and 6.15% of an employee’s 2012 eligible earnings.
EIP is an integral part of Boeing’s total compensation package along with pay, benefits and well-being programs. The company offers EIP to eligible employees to actively engage them in seeking customer-focused solutions to grow the business, maximize economic profit and to reward employees directly for our success.
“Your EIP award reflects our team’s progress toward helping our customers — and therefore Boeing — succeed,” said Boeing Chairman, President and CEO Jim McNerney in a message to all award recipients. “In the face of intense competition that shows no signs of easing, our entire team’s relentless attention to productivity generated significant efficiencies that are fueling the company’s growth — through continued investment in people, processes and the future innovation that our customers require.”
In his message, McNerney asks employees to maintain those and additional efforts in 2013, which “brings significant challenges that require ongoing vigilance and management of the innovation that we bring to the world. Please keep your focus on meeting our commitments to our customers, driving productivity and enabling growth by improving first-time quality and increasing efficiency, and taking personal responsibility for your own and your teammates’ safety.”