Flight Options Pilots Take Monthly Pay Cut

[Guitar Guy]

I honestly don't know how any of the fractionals make money. It just doesn't seem like it's a good business model.

As suggested, read up on Sarbanes Oxley (aka "Sox"). And for further reading, try this thread: http://forums.flightinfo.com/showthread.php?t=94801

Lastly, do you see Warren Buffett trying to sell off NetJets?

 

[NJAowner]

Bi-monthly and semi-monthly

A Bi-weekly paycheck comes every 2 weeks. A bi-monthly paycheck comes every 2 months. A semi-monthly paycheck comes twice per month. Most state's labor laws require employees to be paid at least twice per month.

No matter when the check arrives the annual pay should be the same.

Fly safe.

 

[RNObased]

Sounds like you need to brush up on a recent law called Sarbanes Oxley.

Federal law now requires company executives to sign off on all financial statements and swear that they are a true and accurate representation of the company's performance. If they lie they go to jail.

Nice work family guy. Someone needed to slap this guy down.

Back to our regular programming.

 

[futurepizzaguy]

I agree with NJAOwner....if the salary is the same...why does it matter how often the paycheck comes? There are many companies that pay now every 14 days....don't think its a paycut though. Am I missing something?

 

[Ultra Grump]

If you do the math, they are indeed shorted 40 hours in a Jan-Dec year. If they were going to make a change like that, they should do it at the beginning of the year, though looking at the dates he described, they are probably basing the change on the fiscal year.

 

[gunfyter]

There is no problem with the pay. Because of the change... 40 hrs from 2007 will be paid in the first check in 2008.

This might make Options books look better for 2007.

To make you feel better they could add another payday on the last Friday in December for just 40 hrs. Then shift the NEXT payday friday from Jan 4 2008 to Jan 11, 2008.

This is Probably what they should do... because many people don't understand there is no real change in pay.

Grump is right. If they had started the new system in january... no one would be confused.

 

[bgaviator]

excuse me?

Nice work family guy. Someone needed to slap this guy down.

Back to our regular programming.

Someone needed to slap this guy down? Are you referring to me? If yes, then why would you make a statement like that? I find it amusing how absolutely no one can post anything on these boards without someone coming along and completely trying to make you feel like crap for your opinion. Opinions are opinions....everyone has one...if you don't like mine, say so and tell me why....but don't go insulting me in the process.

 

[gunfyter]

He was being Facetious

 

[simba]

Still missing 40 hours in the first 6 months

If you went from bi-monthly pay (paid twice a month) to bi-weekly pay (paid every two weeks) then the difference is simple. Bi-monthly means you will get 24 paychecks in a year, bi-weekly means you will get 26 paychecks in a year. (some months you would get 3 paychecks)

The year end numbers would work out the same, but the bi-weekly paycheck would be slightly smaller.

Is this what you are describing, or something else?

I stand corrected. Re: bi-monthly and semi-monthly. However the point is still the same. You're looking at it all wrong.

The company is indeed basing the change in the fiscal year. As well as the way the pay days fall on the calendar. There are exactly two weeks (14 days between the last semi-monthly check and the first bi-weekly check.

There is no problem with the pay. Because of the change... 40 hrs from 2007 will be paid in the first check in 2008.

This might make Options books look better for 2007.

To make you feel better they could add another payday on the last Friday in December for just 40 hrs. Then shift the NEXT payday friday from Jan 4 2008 to Jan 11, 2008…

This is Probably what they should do... because many people don't understand there is no real change in pay.

Grump is right. If they had started the new system in january... no one would be confused.

You are correct in the fact that the last week of Dec 2007 will be paid on Jan 4th, 2008. That was never in question. It has everything to do with the FIRST 6 MONTHS of this year. You will be loosing 40 hours in the first six months.

I’ll break it down again. The FIRST 6 MONTHS look like this:

On March 31st you will have received 6 semi-monthly checks. Each check has 86.67 hours on it. That is a total of 520 hours. The first bi-weekly check is April 13th followed by 5 more. 6 checks with 80 hours on each one for a total of 480 hours.

Even people that attended public schools are taught addition. 520 + 480 = 1000.

1000 hours from the FIRST 6 MONTHS + 1040 from the last 6 months = 2040 hours for the year 2007.

WHERE ARE THE OTHER 40 HOURS ???

No those hours are not the last week in December. We all realize that those hours will be on Jan 4th, 2008's check.

Break out your Calendars and calculators.

 

[frmrBUFFdrvr]

WHERE ARE THE OTHER 40 HOURS ??? No those hours are not the last week in December.

Break out your Calendars and calculators.

If you look at a calender, those 40 hours are the last week of JUNE, which is a full week. Your last pay period in the first six months will end on Jun 22, so the last week week of the month is paid in the first pay period of the second half. And the last week of December will be paid in the first pay period of the next year.

You aren't loosing any money. You just won't have one weeks worth of it on your 2007 tax return because it will be paid in 2008.

 

[gunfyter]

I found the 40 hrs.

But let me show it to you again.

Instead of adding the payday to the last Friday in December as I suggested earlier...

Lets add a payday for 40 hrs to Jun 29. Then the next payday will be Jul 13th. Your last payday of the yr will be Dec 28 instead of the 21st.
=======================================================

The way it stands now you are paid for 51 weeks in 2007 but have one week (40 hrs) owed and not paid until 2008. You'll save on Taxes this way.

If they make the change I suggest you will be paid all 52 weeks earned during 2007. But will have nothing coming to you from 2007 in your first 2008 paycheck

 

[simba]

I found the 40 hrs.

But let me show it to you again.

Instead of adding the payday to the last Friday in December as I suggested earlier...

Lets add a payday for 40 hrs to Jun 29. Then the next payday will be Jul 13th. Your last payday of the yr will be Dec 28 instead of the 21st.
=======================================================

The way it stands now you are paid for 51 weeks in 2007 but have one week (40 hrs) owed and not paid until 2008. You'll save on Taxes this way.

If they make the change I suggest you will be paid all 52 weeks earned during 2007. But will have nothing coming to you from 2007 in your first 2008 paycheck

OK... I thought that would explain it too. However, if you look in the Flight Options Employee Handbook (as well as a few SOP's) you will find that we are paid to date. G.M. has verified this and has said that it will always be that way. Our pay schedule is not one week behind or a pay period behind like everyone else in the free world. That means that the hours you worked yesterday you were paid for today.

Once I discovered that, only then did I understand that they are STEALING 40 hours from every employee.

Then I checked my Outlook calender and found that we would indeed be given those 40 hours back... in 2010.

 

[frmrBUFFdrvr]

OK... I thought that would explain it too. However, if you look in the Flight Options Employee Handbook (as well as a few SOP's) you will find that we are paid to date. G.M. has verified this and has said that it will always be that way. Our pay schedule is not one week behind or a pay period behind like everyone else in the free world. That means that the hours you worked yesterday you were paid for today.

Once I discovered that, only then did I understand that they are STEALING 40 hours from every employee.

Then I checked my Outlook calender and found that we would indeed be given those 40 hours back... in 2010.

Ok. I can see there is no reasoning with your anti-management mindset. It doesn't matter if you are paid the next day or the next week, so long as you are paid. It still works out the same. THERE IS NO MONEY BEING STOLEN FROM ANYONE!!! Heck, if you really reason it out, except for that last week, you are getting paid SOONER for everything than you are now. (Your first new payday will be 4/13 instead of 4/15, the next will be 4/27 instead of 4/30, etc.)

If you can't understand this simple math, I hope you have a good FMS or you may not make your next crossing restriction.

 

[Fozzy]

Nothing wrong with a "anti-management mindset".
You gota keep a watchful eye on them. They would knock down old ladies to steal their retirement checks you know!
Or old pilots in our case.

 

[frmrBUFFdrvr]

Nothing wrong with a "anti-management mindset".
You gota keep a watchful eye on them. They would knock down old ladies to steal their retirement checks you know!
Or old pilots in our case.

I'm not saying they shouldn't be watched. But Simba's continued insistence that they are "stealing" (his word) 40 hours worth of pay from every employee when it is obvious that there is no difference in the amount of money someone gets paid is going beyond prudence.