February 9, 2017 / 4:33 PM / 6 months ago

BRIEF-Southwest Airlines employees earn $586 million in 2016 ProfitSharing

Feb 9 (Reuters) - Southwest Airlines Co :

* Southwest Airlines employees earn $586 million in 2016 ProfitSharing

* Amount shared through Profit Sharing Plan equals about 13.2 percent of each eligible employee's eligible compensation, or equivalent of six weeks' pay

* Announced a new funding structure that will pay part of ProfitSharing award to retirement plan and part in cash

* The $586 million award is equivalent to more than $1.6 million a day and will be funded on April 20, 2017

* Most employees will receive 10 percent of eligible compensation as a contribution to ProfitSharing Plan

* Employees will get the remainder-approximately 3.2 percent-in cash

* Some employees will receive entire ProfitSharing award in retirement plan as specified in their collective bargaining agreement

* Through ProfitSharing Plan, Southwest employees currently own more than four percent of company's outstanding shares Source text for Eikon: Further company coverage:

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