DALLAS, Feb. 13, 2019 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) announced this week that it will share $544 million with its Employees through the Company's ProfitSharing Plan. This reward equals approximately 10.8 percent of each eligible Employee's eligible compensation.
This is Southwest's 45th consecutive ProfitSharing award, starting with the first ProfitSharing payout in 1974. The Company will pay part of the award to the retirement plan and part in cash. Most Employees will receive 10 percent of eligible compensation as a contribution to the ProfitSharing Plan and the remainder in cash, both of which will be paid on March 15, 2019. Some Employees will receive the entire ProfitSharing award as a contribution to their retirement plan accounts as specified in their collective bargaining agreement.
"Our People are our greatest asset and they deserve all the credit for our continued success," said Gary Kelly, Chairman of the Board and Chief Executive Officer of Southwest Airlines. "The vast majority of our Employees describe their work as 'a calling,' and it's an honor to be able to recognize them for their passion, dedication, and their contributions."
The 2018 ProfitSharing award is the third highest in Company history.
ABOUT SOUTHWEST AIRLINES CO.
In its 48th year of service, Dallas-based Southwest Airlines Co. (NYSE: LUV) continues to differentiate itself from other air carriers with exemplary Customer Service delivered by more than 58,000 Employees to a Customer base topping 120 million passengers annually. Southwest became the nation's largest domestic air carrier in 2003 and maintains that ranking based on the U.S. Department of Transportation's most recent reporting of domestic originating passengers boarded. In peak travel seasons, Southwest operates more than 4,000 weekday departures among a network of 99 destinations in the United States and 10 additional countries. Southwest has announced its intention to serve Hawaii, subject to requisite governmental approvals.
Southwest coined Transfarency® to describe its purposed philosophy of treating Customers honestly and fairly, and low fares actually staying low. Southwest is the only major U.S. airline to offer bags fly free® to everyone (first and second checked pieces of luggage, size and weight limits apply, some carriers offer free checked bags on select routes or in qualified circumstances), and there are no change fees, though fare differences might apply.
Book Southwest Airlines' low fares online at Southwest Airlines or by phone at 800-I-FLY-SWA.
SOURCE Southwest Airlines Co.