Jetblue contract question

[clickclickboom]

6 year Pay

B737-800 at CAL, pays $100/hr as an FO at 6th year with 12.75% B-Fund retirement too. That's 12.75% that I don't have to take out of my pay like you would for a 401K.

So after you take out your 401K money from your $73 per hour, you make like $60 - 65 per hour to fly the Airbus. Then you clean the airplane for free too.

I know this is a my airline is better than your airline look at yourself in the mirror and tell yourself how great you are BUT:

If I am not totally mistaken a 6 year employee at JB with be a line holding captain.

Base will be $122 an hour

Everything over 70 hours is paid at 150% and the average JB pilot flys between 83-85 hours a month. I also know many that are able to credit over 100 hrs per month

So if you do some simple math

122x70 = $8540
150% over 70 hrs $183 per hr x 15 = $2745

$11,285 monthly or $135,420 annually add in the 3% match at $4062 and you get just under $140,000...

I have not even mentioned the 6000 shares of stock issued the day you walk through the door and the possibility of profit sharing that averages 15% of your gross salary of gross profits.

This year and last year no sharing BUT in the previous 3or 4 years there was $15,000, $20,000 and some checks over $30,000 that went out..

not to shabby in my opinion..

 

[Frank Lorenzo]

the average JB pilot flys between 83-85 hours a month.

So you have to be a high time whore in order to make any money at Jet Blow.

I have not even mentioned the 6000 shares of stock issued the day you walk through the door

At $10 bucks a share and falling like a rock.

and the possibility of profit sharing that averages 15% of your gross salary of gross profits.

You have seen the LAST of profit sharing. People Express re-mix will suffer the same fate as its predecessor.

I told Don it was a stupid idea when he resigned from TAI.

Some people never learn.

 

[clickclickboom]

good for you

So you have to be a high time whore in order to make any money at Jet Blow.



At $10 bucks a share and falling like a rock.



You have seen the LAST of profit sharing. People Express re-mix will suffer the same fate as its predecessor.

I told Don it was a stupid idea when he resigned from TAI.

Some people never learn.

Considering what is available in the market right now I am quite happy Thank You

 

[Spectre]

The B6 "agreement" differs from other airline "contracts" in a few ways..........

You don't continuously negotiate paycuts every few months in order to keep your carrier from inevitable bankruptcy. You actually get raises each year. Your "agreement" is not dangled in front of a judge with the threat of being tossed out the window unless you agree to give your top executives more bonuses so they don't have to defer on their yacht payments. Your long term viability is in no more danger than any other passenger carrier in today's world.........that is unless your carrier is already in chapter 11. The only RJ's you'll be flying on are the ones you'd commute to work on which are being farmed out to lower paying "regional" carriers who believe it's okay to pay their pilots dirt to do the same job as their "major" counterparts. You don't have to worry about hiding from passengers who complain about not getting a snack, movie, or a second helping of that shot glass of soda on flights less than 2 hours........especially when they paid extra for that aisle seat, which is the same one where your elbow gets slammed by oncoming galley carts. The only toilets you'll be cleaning are the ones in your own home, which are also attached to the same plumbing used by other top airline executives to flush away their employees pensions and "contracts." So you may actually go to work with a smile on your face. And beware...........when passengers get off of a B6 aircraft, they tend to smile and thank the crews for their hospitality. Oh, and don't be frightened if you see B6 executives interacting with their own employees and passengers instead of hiding out in offices afraid to face the real world.

Nicely said! I'm sure people on this post will still pick it apart. But, then again, they've never flown on JetBlue. It was very rare to ever get one passenger to say, "Hey, that was the greatest flight ever" at NWA. You hear these comments all the time from passengers off of JetBlue flights. Peoples Express was just another no frills airline painted in the same colors of SWA. I'm confident JetBlue is here to stay for the long haul as they have the best product out there. Love the Live TV's and XM radio!

 

[Patriot328]

I know this is a my airline is better than your airline look at yourself in the mirror and tell yourself how great you are BUT:

If I am not totally mistaken a 6 year employee at JB with be a line holding captain.

Base will be $122 an hour

Everything over 70 hours is paid at 150% and the average JB pilot flys between 83-85 hours a month. I also know many that are able to credit over 100 hrs per month

So if you do some simple math

122x70 = $8540
150% over 70 hrs $183 per hr x 15 = $2745

$11,285 monthly or $135,420 annually add in the 3% match at $4062 and you get just under $140,000...

I have not even mentioned the 6000 shares of stock issued the day you walk through the door and the possibility of profit sharing that averages 15% of your gross salary of gross profits.

This year and last year no sharing BUT in the previous 3or 4 years there was $15,000, $20,000 and some checks over $30,000 that went out..

not to shabby in my opinion..

Well since everyone's slammin their dix on the table and you're ASSUMING (and that's a big assumption right now) that people hired today will be bus captains at B6 in 6 years, let's look at the 6 year 737 CA pay at CAL, because newhires today will be able to hold CA at call based on retirements alone, without including the 6-8% growth that's anticipated.

We'll use the same 85hrs of pay, as that's not unusual at all for any pax carrier.

Blended rate: $151.60 x 85 hrs of pay = $12,886. That works out to be $154,632/yr. A little more than JB. Add 12.75% for the B-plan ($19,715) and that works out to be $174,347/yr. $35,000/yr for 15-20-30 years difference is pretty sizable in the end, not to mention the 737 is the smallest/lowest paying equipment CAL flies.

As far as profit sharing and stock options go, those are very nice and potentially very rewarding, but as they say: "past performance does not guaruntee future results."

 

[Spectre]

So you have to be a high time whore in order to make any money at Jet Blow.



At $10 bucks a share and falling like a rock.



You have seen the LAST of profit sharing. People Express re-mix will suffer the same fate as its predecessor.

I told Don it was a stupid idea when he resigned from TAI.

Some people never learn.

Yup, this high time whore made 168K last year.

Buy more JBLU stock at that price! AMR, CAL, UAUA, LCC are all overpriced for companies losing billions. Watch their stock price drop like a rock when they report huge 1st quarter losses.

Peoples Express product sucked. They had the same ugly brown paint scheme as SWA too! Apples and oranges compared to JetBlue. Anyway, I think JBLU will compete just fine. JBLU put Song to rest. Need I say more?

 

[Spectre]

Well since everyone's slammin their dix on the table and you're ASSUMING (and that's a big assumption right now) that people hired today will be bus captains at B6 in 6 years, let's look at the 6 year 737 CA pay at CAL, because newhires today will be able to hold CA at call based on retirements alone, without including the 6-8% growth that's anticipated.

We'll use the same 85hrs of pay, as that's not unusual at all for any pax carrier.

Blended rate: $151.60 x 85 hrs of pay = $12,886. That works out to be $154,632/yr. A little more than JB. Add 12.75% for the B-plan ($19,715) and that works out to be $174,347/yr. $35,000/yr for 15-20-30 years difference is pretty sizable in the end, not to mention the 737 is the smallest/lowest paying equipment CAL flies.

As far as profit sharing and stock options go, those are very nice and potentially very rewarding, but as they say: "past performance does not guaruntee future results."

Check out CAL's 10Q filing. You will see they are low on cash and just like NWA and DAL may face bankruptcy. AMR could be on that same road too. How do you compete with other legacies who've done away with pension obligations? So yeah, pay is great for now at CAL. But, what's the pay scale at NWA, DAL, UAUA look like now? FedEx and UPS are the only companies I'd consider if I had a choice!

 

[Patriot328]

Check out CAL's 10Q filing. You will see they are low on cash and just like NWA and DAL may face bankruptcy. AMR could be on that same road too. How do you compete with other legacies who've done away with pension obligations? So yeah, pay is great for now at CAL. But, what's the pay scale at NWA, DAL, UAUA look like now? FedEx and UPS are the only companies I'd consider if I had a choice!

Take a look at Jetblue's financials. They are in just as much trouble as any other airline out there. 17 out of the last 20 markets they entered haven't been profitable.
If they can't raise the fares AND keep their planes (2-3 new a month?) full, they are Independence Air in slow motion reverse. Most airlines are in trouble today. The people (er, posters on here) from Jetblue seem to refuse to believe that anything bad can ever happen to them there. That JB can do no wrong. It just ain't so. Even the mighty SWA isn't immune.

I have a lot of friends at Jetblue. Most of my friends/coworkers from Indy have found a home there. I don't want them looking for another job again. But the idea that Jetblue doesn't have some huge obstacles in front of it and it's nothing but good times ahead, is a little blind.

As far as FedEx and UPS, I agree with you 100%!!! That's as closest thing to job security as a pilot can find today. They shouldn't even be considered airlines, because what they do and what pax carriers do are on completely different planets.


On a small side note.. isn't amazing that a company that has 2 billion dollars in the bank is weary of being low on cash? What an industry....

 

[Dizel8]

17 out of the last 20 markets they entered haven't been profitable.

This statement is about to take on the same mythical proportions as jetblue not paying for airplanes, fuel, mx etc. The statement was made by one analyst, based on his assumptions and his calculations. If you wish to take this as gospel, go right ahead, you should short the stock like mad.

The people (er, posters on here) from Jetblue seem to refuse to believe that anything bad can ever happen to them there. That JB can do no wrong. It just ain't so.

Oh, I doubt that to be true, despite the rumours, most of the pilots have been around this show called airlines for a bit. Now, it may irritate you, that we are not all depressed, hating our jobs and, despite the recent travails, are not painting the devil on the walls.

But the idea that Jetblue doesn't have some huge obstacles in front of it and it's nothing but good times ahead, is a little blind.

Is there any airline out there, that does not have huge obstacles ahead of it?
SWA is probably facing the smallest hurdle, but as for the rest of us, tough times will continue for a bit longer I think

 

[Pilotbob3]

all new hires last year not only received 6000 options...but they were accelerated to 100% vesting in december and then split 2 days later! so that is 9000 options at about 12.90 strike price. im sure the price will go well over that soon!

Fire away all you guys and tell me what a bad deal that is! LOL