WestJet Pension

[Protonpilot]

Employee also has to option to increase their amount above 1% if desired.

I listened to the WJA MEC podcast from June 28 discussing the new pension plan. A good overview.

https://www.youtube.com/watch?v=KznSfstzlnE

I might have missed it, but I don't remember anything about increasing member contributions above 1%.

They did mention you could transfer RRSP funds accumulated during your previous time with WJA to add to your pension, a kind of buyback program.

Also going forward CAAT will let you invest your self-directed RRSP with them on the side to mirror their investment gains, which is interesting. Not part of the pension itself though.

[bcflyer]

10% employer contribution. Employee must contribute 1% on top as per the pension policy.

Captains will have excess cash contributions to contribute into another savings vehicle, as many step 12 Captains Gross more than 350K.

Grossing 350K? Maybe 787 guys but for a 737 Cpt to make that they’d need to fly a ton of OT.

[Canadaflyer46]

10% employer contribution. Employee must contribute 1% on top as per the pension policy.

Captains will have excess cash contributions to contribute into another savings vehicle, as many step 12 Captains Gross more than 350K.

Grossing 350K? Maybe 787 guys but for a 737 Cpt to make that they’d need to fly a ton of OT.

T4s of 330-350k seem to be pretty normal for last year from all the skippers I've flown with who've brought it up. Every captain at WJ is top of the payscale don't forget.
I know of a few overtime hogs who grossed 400-450k. I heard a few guys were over 500k too but that must have been a lot of extra trips.

[Protonpilot]

10% employer contribution. Employee must contribute 1% on top as per the pension policy.

Captains will have excess cash contributions to contribute into another savings vehicle, as many step 12 Captains Gross more than 350K.

Grossing 350K? Maybe 787 guys but for a 737 Cpt to make that they’d need to fly a ton of OT.

The podcast mentioned that overtime won't be included as pensionable earnings, same as it was for the WJA savings plan.

So no pension contributions or accruals on those amounts.

[twinpratts]

Unless it’s straight time pick up / shift trade

[bcflyer]

10% employer contribution. Employee must contribute 1% on top as per the pension policy.

Captains will have excess cash contributions to contribute into another savings vehicle, as many step 12 Captains Gross more than 350K.

Grossing 350K? Maybe 787 guys but for a 737 Cpt to make that they’d need to fly a ton of OT.

T4s of 330-350k seem to be pretty normal for last year from all the skippers I've flown with who've brought it up. Every captain at WJ is top of the payscale don't forget.
I know of a few overtime hogs who grossed 400-450k. I heard a few guys were over 500k too but that must have been a lot of extra trips.

Top of the pays for 737 is $288 isnt it? That equates to over 1200 credit hours. That’s over 100 credit hours a month.

[nohojob]

My guess is OT is not paid at the same rate and there is per diem?

[ant_321]

My guess is OT is not paid at the same rate and there is per diem?

I would hope nobody making $300k+ would be counting per diem as pay. It’s not. And yes, 1.5x for OT.

[cdnavater]

My guess is OT is not paid at the same rate and there is per diem?

I would hope nobody making $300k+ would be counting per diem as pay. It’s not. And yes, 1.5x for OT.

The post mentions 330-350k T4s, which do not include per diems, so I’m guessing they are not.
For reference, at 288/hr, at 80/month is 276,480, add a 3 day pairing each month at 15x1.5=22.5x288x12=77,760 totaling 354,240
A WestJet pilot at top scale wouldn’t have to try too hard to make 350k!

[fish4life]

T4 would include income the new ESPP / soon to be pension as well so that’s another 10% + I think they still get options money but I don’t know the amount they get.

[Bede]

10% employer contribution. Employee must contribute 1% on top as per the pension policy.

Captains will have excess cash contributions to contribute into another savings vehicle, as many step 12 Captains Gross more than 350K.

Grossing 350K? Maybe 787 guys but for a 737 Cpt to make that they’d need to fly a ton of OT.

T4s of 330-350k seem to be pretty normal for last year from all the skippers I've flown with who've brought it up. Every captain at WJ is top of the payscale don't forget.
I know of a few overtime hogs who grossed 400-450k. I heard a few guys were over 500k too but that must have been a lot of extra trips.

That's accurate.

[onspeed]

An extra three day pairing each month is a lot of extra work when you consider they already need to put in 14-16 days to get mmg.

That wage would be roughly equivalent to a mid seniority FO at an American major. I can see why AC did not want to equate to that payscale.