Airline staff ready to pocket windfall
Share options mean Ryanair workers will pick up average payment of £20,000
Say what you like about Ryanair, but staff at the airline will no doubt be celebrating when they receive a cash windfall averaging £20,000 next month.
Back in 1998 the company set up 10m share options for workers; the options mature at the end of next month and based on current share prices will pay out more than £20 million in total.
All staff with more than a year’s service qualified for the scheme, which guaranteed a payout equivalent to 20 per cent of salary for five years – as long as certain financial targets were met. Those paid higher wages – pilots for example – stand to gain the most from the scheme, though a spokesman claimed that the average payout would represent a “nice windfall when you consider the average age of our staff – 26 or 27”.
The Independent reports that the group’s somewhat controversial chief executive Michael O’Leary is not part of the scheme but is unlikely to be too concerned as he has raised £100 million from selling his shares in the carrier. A Ryanair spokesman said: “When you see other airlines chopping staff, it’s good to see one where they are making money.”
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