Ryanair Holdings PLC
3 January 2001
RYANAIR ANNOUNCES NEW 5 YEAR PAY DEAL WITH ITS PILOTS
EACH PILOT TO BE GRANTED IR£100,000 IN SHARE OPTIONS WHILST ANNUAL EARNINGS
FOR EACH PILOT WILL RISE TO OVER IR£100,000
Ryanair, Europe's largest low fares airline today (Wednesday, 3rd January
2001) announced that it had successfully concluded a five year pay, share
options and productivity agreement with its 220 plus pilots in the UK and
Ireland.
This new agreement will run from 2000 to 2005 and contains a number of new
features including:
a. Relative pay restraint with a 15% increase in basic pay over the five year
term
a. Larger up front increases in productivity rewards in return for enhanced
pilot productivity
a. Improved rosters and better working arrangements for all pilots
a. Options over IR£100,000 worth of Ryanair shares at a strike price of Euro10
being granted to each pilot
Welcoming the vote in favour of this long-term pay, productivity and share
options agreement with its pilots, Ryanair's Chief Executive, Michael O'Leary
said today:
'This new deal paves the way for further pilot recruitment and continued
growth at Ryanair. It represents a 'win-win' for our pilots and the airline.
We have both agreed to moderate increases in basic pay over the next five
years. At the same time we have improved productivity payments, introduced
improved rostering and flight time limitations. Thanks to the IR£100,000 share
option package our pilots will now be the first to gain from the successful
growth of Ryanair into the future.
'This pay deal will see all of Ryanair's pilots earnings rising over the next
few years to over £100,000 per annum, and continues our policy of highly
rewarding our people who continue to ensure that Ryanair is - by some
considerable distance - Europe's largest and most successful low fares airline
whilst still, and always, offering the lowest air fares in Europe'.
Ends. Wednesday, 3rd January 2001
For reference: Pauline McAlester
Murray Consultants Limited
Telephone: 00-353-1-663 3332
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