Turns out former Qantas boss Alan Joyce isn’t quite finished being paid.
Qantas has revealed it will pay the former CEO an extra $3.4 million for his last two months in the role, according to its 2024 annual report.
That’s quite the golden handshake for someone who most agree ‘trashed’ the brand.
However, it’s still less than the estimated $9 million bonus he was denied because of several poorly executed, and in some cases illegal, decisions including sacking 1700 workers, being fined by the Australian Competition and Consumer Commission for its ‘ghost’ flights and the greedy way the airline handled COVID refunds.
Qantas agreed to pay about $120 million in fines and refunds for the last two.
And the payday may still keep rolling for Mr Joyce as he is still part of a long-term incentive plan scheme, which is valid until 2026. It’s estimated he could be up for $2.4 million in bonuses if the share price holds and the company meets performance goals.
I don’t know about you, but if I’d overseen decisions that led to $120 million in fines I would be out on my ear and probably in jail, not expecting many more millions to come in my bank account. Nice work if you can get it, Mr Joyce.
Meanwhile, the rest of the existing board is trying to play nice, and Qantas has promised more transparency with executive pay.
“The board has listened to feedback on the pay structure for our executives and have made a series of changes that we are confident will encourage better outcomes for our stakeholders,” Qantas chair Richard Goyder said in the annual report.
The changes the board has introduced include:
- increasing the weighting on customer outcomes from 20 to 30 per cent for annual bonuses
- introducing brand reputation as a performance measure for long-term incentives
- broadening board discretion over awarding bonuses
- improving transparency around remuneration outcomes.
Qantas increases flight change fees
Mr Joyce’s millions have to come from somewhere and maybe Qantas’ new fee structure for changing or cancelling flights is the thin edge of the wedge.
Qantas will increase the price for changing the flight, the name on a booking or cancelling from $99 to $119 for a range of fare types from 9 October.
The increase will affect flight changes for Red eDeal economy tickets, name changes and cancellations for economy Flex flights’ and all changes and cancellations for premium economy Saver tickets.
This will include group tickets, tickets acquired through Qantas Business Rewards and any tickets purchased or issued from 9 October.
Other fare conditions remain the same.
UK to charge Aussies for entry
So much for the mother country. Australians will be required to get permission and pay a fee to enter the UK as of January.
The UK plans to expand its Electronic Travel Authorisation (ETA) scheme to include travellers from non-European countries, including Australia.
The entry fee will be a smidge under $20 and ETA applications will open on 27 November, though not be required for travel until 8 January 2025.
The ETA permits multiple journeys to the UK for stays of up to six months at a time over two years or until the holder’s passport expires.
Migration and Citizenship Minister Seema Malhotra said the move would enhance security and modernise immigration in line with the US and Australia.
“The worldwide expansion of the ETA demonstrates our commitment to enhance security through new technology and embedding a modern immigration system,” Ms Malhotra said.
Find out how to apply here.
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Also read: Travel briefs: astonishing NZ entry tax hike + new European travel fee
