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Joyce reaps big reward from spectacular turnaround

September 5, 2016 Headline News No Comments Email Email

egtmedia59The biggest profit in Qantas’ history is bringing more than just credit to the airline’s chief executive Alan Joyce – he’s earning over three times as much each week as most Australian wage earners make in a year.

Joyce’s pay and perks hit almost AUD 13 million last financial year, Sydney’s Daily Telegraph reported.

Figures released by the airline show Joyce received a package worth AUD 12.96 million for the year to June, up from AUD 11.8 million the previous year.

The Telegraph calculated that figure is 185 times Australia;s average annual wage of about AUD 70,000, and equivalent to AUD 35,500 a day.

Joyce has overseen one of the most spectacular airline turnarounds ever. He was heavily criticised when he brought in his plan, which included a wage freeze and cuts of 5000 jobs. It involved the grounding of the Qantas fleet in one notable incident.

Joyce has seen the airline through to posting a record net profit of AUD 1.03 billion for the most recent financial year – allowing the airline to hand out handsome bonuses to many staff.

Two years ago when Qantas suffered a AUD 2.8 billion loss, Joyce’s remuneration package was about AUD 4 million.

Written by Peter Needham

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