Delta Air Lines announced a new pay package on Tuesday that would grant $480 million in employee pay and benefits while putting the CEOs pay and benefits on hold as the carrier plans to emerge from bankruptcy late next month. The new employee compensation plan calls for a cash lump sum payment of 8 percent of last year's salary, stock awards, incentive performance awards, profit sharing, pay raises of 4 percent, and 401k contributions. CEO Gerald Grinstein said, "We want to get them as fast as we can up to an industry average. [The executives'] basic salary part of their compensation is not going to go up until everyone else in the company is up to the industry average."

The plan has many employees satisfied while Grinstein commented that while the pay has been lousy for executives (comparitively), the rewards have been great with the greatest reward being the opportunity to work with employees to rebuild the company. And with the end of bankruptcy in sight, it could mean a nice payday for everyone involved!