IAM members at the St. Louis Boeing facility will receive a bonus of 1.25 weeks pay – the highest payout since 2005 – because of their hard work and dedication last year. A Performance Profit Sharing Plan or PPSP made this possible.
PPSP is a program negotiated by IAM District 837 and Boeing for St. Louis members to potentially receive an annual monetary payment by meeting or exceeding an agreed upon set of performance expectations. These expectations are based on Realization Factors (R/F) for the Aircraft Programs such as the F-18, F-15 and C-17, the Cost Performance Index (CPI) for Weapons Programs, the Overhead Budget and the Support Cost Goal.
The plan is designed to work directly in conjunction with the IAM High Performance Work Organization (HPWO) to recognize and reward team efforts that create performance improvement.
“The well thought-out reward structure of the plan recognizes the continual high performance of the IAM workforce,” explains IAM District 837 President/Directing Business Representative Gordon King. “Every St. Louis union employee, whether support or direct labor, who increases his or her value to the production process, contributes to the amount paid out in the PPSP plan. Any day-to-day task a worker performs becomes one of the elements in the calculated amount to be paid out. Each employee directly influences the outcome of the payout.
“Congratulations to our St. Louis Union members and their families. Job well done!”