A £100,000 share option package for each pilot is the centrepiece of a five-year pay and productivity agreement between Ryanair and its pilots, the company announced yesterday.
In the new agreement, which will run from 2000 to 2005, each of the company's 220 pilots will be offered £100,000 worth of Ryanair shares at a price of £10. The package includes a 15 per cent increase in basic pay over five years. There are also improved rosters and better working arrangements for all pilots. Larger up-front increases in rewards for productivity were also outlined in Ryanair's announcement.
Ryanair's chief executive, Mr Michael O'Leary, said: "This is a win-win for our pilots and the airline.
"This new deal paves the way for further pilot recruitment and continued growth at Ryanair," he said.
Ryanair negotiated the new pay deal with pilots who are members of the Irish Air Line Pilots' Association (IALPA) branch of IMPACT.
Assistant general secretary of IMPACT, Mr Michael Landers, said pilots would be "reasonably happy" with the deal, especially regarding the "significant improvements on roster patterns and working hours".
