SPEEA professionals, Boeing team members earn $9,500 bonuses for 2017 performance
As reported in The Seattle Times, SPEEA-represented employees covered by contracts with Boeing earned bonuses equal to the amount earned for 18.7 days work, or 7.2 percent of their annual salary including overtime, thanks to the high performance of The Boeing Company in 2017. The bonuses are roughly double the previous year’s bonuses.
On average, SPEEA engineers employed by Boeing earned $9,500 bonuses and SPEEA members who are technical employees at Boeing earned on average $7,200 bonuses. SPEEA members also worked with Boeing and agreed on salary increases for 2018 above the amount negotiated in their contract.
How Boeing and Spirit bonuses paid out for 2018:
SPEEA contracts with The Boeing Company and Spirit AeroSystems include company performance bonus language. With both companies exceeding targets, nearly 20,000 SPEEA-represented employees received significant bonuses in 2018.
Boeing - The Boeing Company announced this year’s Employee Incentive Plan (EIP) bonus, which applies to all SPEEA-represented employees. The EIP has a target of 10 days with results ranging from 0% - 200% of the target. Boeing’s 2017 performance period resulted in a payout of 187%, which equates to 18.7 days (7.2% of 2017 base salary and overtime).
Spirit AeroSystems - SPEEA-represented employees receive a bonus through the company’s Short Term Incentive Plan (STIP). Spirit’s annual performance is also measured as a percentage ranging from 0% to 200% of the target. The Wichita Engineering Unit (WEU) contract has a target of 8% and the Wichita Technical and Professional Unit (WTPU) contract has a target of 6%. Spirit’s 2017 performance period resulted in a payout of 160%, which equates to 12.8% of 2017 base salary and overtime for the WEU and 9.6% of 2017 base salary and overtime for the WTPU. The WEU and WTPU STIP payments are in addition to any gain share payout that employees may receive.
From SPEEA's February 2018 newsletter