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Executives using corporate jets for personal travel has soared 50% since the pandemic — a free perk that has cost their companies millions of dollars.

Companies in the S&P 500 spent $65 million for their high-ranking execs to use corporate jets for personal travel in 2022, according to the Wall Street Journal.

Early signs suggest the trend continued in 2023, a Wall Street Journal analysis found, though executive pay and perks aren’t typically reported until spring.

Operating a private jet is a costly endeavor, running companies anywhere from $1,100 to $1,900 per flight hour, not including maintenance fees and costs associated with storage and crews, according to private jet charter company LunaJets.

Despite the hefty bill, the number of big companies providing the perk has risen about 14% since 2019, The Journal reported.

As of 2022, 216 companies listed on the S&P 500 were offering corporate jets for executives’ personal use, per the outlet, citing figures from executive data firmEquilar show.

The number of executives receiving free flights also grew nearly 25%, to 427, year-over-year in 2022.

Among the companies spending big bucks on corporate jets, Meta Platforms topped the list in 2022, spending $6.6 million on the perk for personal flights for its chief executive Mark Zuckerberg and his then-lieutenant, Sheryl Sandberg, The Journal found.

The figure marks a 55% increase from 2019.

Zuckerberg has been criticized for his company jet’s carbon footprint, though Meta has said that the private plane is necessary for “maintaining Mark’s safety while enabling him to go about his life with minimal disruption.”

Casino giant Las Vegas Sands had the second-largest bill, spending $3.2 million on flights for four C-suite honchos — more than double its annual expense in any year since 2015, per The Journal.

In addition, public utility company Exelon — owner of Chicagos Commonwealth Edison utility — more than tripled its spending on freebie flights for executives since 2019.

Aerospace company Lockheed Martin, Modelo Especial parent Constellation Brands and Tyson Foods also paid out handsome sums for personal flights in company aircraft soar in 2022 — $2.1 million, $1.9 million, and $1.8 million, respectively, The Journal reported.

These so-called “personal flights” reportedly include trips companies can’t classify as business-related, such as flights to board meetings for other companies or commuting from faraway residences.

Some companies give their executives a fixed allowance for these flights, in hours or dollars — typically $25,000 per year — and require reimbursement beyond that threshold, according to the Journal.

PepsiCo is one of the companies that uses this model.

The New York-based food and beverage corporation spent $776,000 on personal flights for five executives in 2022 — double what it paid in 2019, The Journal reported, though two-thirds of 2022’s trips were subsidized by CEO Ramon Laguarta.

However, the sums have little financial impact on most giant corporations, the outlet said. For reference, Meta’s revenue in 2022 came in at $116 billion, meaning Zuckerberg and Sandberg’s $6.6 million worth of flights made a measly less-than-1% dent.

There was only one company in The Journal’s analysis whose spending on corporate jets was whittled down to $0 in 2022: Match Group, which named a new CEO earlier this month as it struggles with a decline in paying users.

Its most popular subsidiary, Tinder, has seen a churn in each of the last four quarters, which has cut into its bottom line.

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Sports

Veteran pitcher Lynn retiring after 13-year career

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Veteran pitcher Lynn retiring after 13-year career

Longtime St. Louis Cardinals right-hander Lance Lynn announced Tuesday that he has retired from Major League Baseball after 13 seasons.

“Baseball season is upon us and I’m right here on the couch and that is where I’m gonna stay,” Lynn said on his wife’s podcast, “Dymin in the Rough.”

“I am officially retiring from baseball right here, right now.”

Lynn, 37, spent much of his career with the Cardinals (2011-17, 2024) but also has pitched for the Minnesota Twins (2018), New York Yankees (2018), Texas Rangers (2019-20), Chicago White Sox (2021-23) and Los Angeles Dodgers (2023).

Last season with the Cardinals, he started 23 games and had a 7-4 record with a 3.84 ERA, throwing 117⅓ innings and striking out 109.

The two-time All-Star has a career record of 143-99 with a 3.74 ERA in 364 games (340 starts), tossing 2,006⅓ innings. He ranks sixth in that category, as well as in wins, among active pitchers. Ahead of him in each category are three sure Hall of Famers — Justin Verlander, Max Scherzer and Clayton Kershaw.

Lynn, on Tuesday, made it clear that he may be spotted on the baseball field … just not in a major league game.

“There might be something a little fun around the corner upcoming weekend, so stayed tuned,” Lynn said. “But from Major League Baseball, I am done pitching.”

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Sports

Yanks bring back reliever Ottavino on 1-yr. deal

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Yanks bring back reliever Ottavino on 1-yr. deal

NEW YORK — Right-hander reliever Adam Ottavino is returning to the New York Yankees, agreeing Tuesday to a one-year contract.

A 39-year-old sidearmer, Ottavino agreed to a minor league contract with Boston on Feb. 18 and exercised his right to be released on March 23 after compiling a 10.80 ERA in five spring training appearances.

He was 2-2 with one save and a 4.34 ERA in 60 relief appearances for the New York Mets last year, stranding 15 of 20 inherited runners.

Ottavino pitched for the Yankees in 2019 and ’20, going 8-8 with a 2.76 ERA in 97 relief appearances. He is 41-43 with 46 saves and a 3.49 ERA in 14 big league seasons with St. Louis, Colorado (2012-18), the Yankees (2019-20), Boston (2021) and the Mets (2022-24).

The Yankees transferred right-hander JT Brubaker to the 60-day injured list and placed closer Devin Williams on the paternity list.

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Politics

Payouts for departing civil servants capped at £95,000 under voluntary exit scheme

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Payouts for departing civil servants capped at £95,000 under voluntary exit scheme

The most senior and long-serving civil servants could be offered a maximum of £95,000 to quit their jobs as part of a government efficiency drive.

Sky News reported last week that several government departments had started voluntary exit schemes for staff in a bid to make savings, including the Department for Environment and Rural Affairs, the Foreign Office and the Cabinet Office.

The Department for Health and Social Care and the Ministry of Housing and Local Government have yet to start schemes but it is expected they will, with the former already set to lose staff following the abolition of NHS England that was announced earlier this month.

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Rachel Reeves, the chancellor, confirmed in last week’s spring statement that the government was setting aside £150m to fund the voluntary exit schemes, which differ from voluntary redundancy in that they offer departments more flexibility around the terms offered to departing staff.

Ms Reeves said the funding would enable departments to reduce staffing numbers over the next two years, creating “significant savings” on staff employment costs.

A maximum limit for departing staff is usually set at one month per year of service capped at 21 months of pay or £95,000.

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Whitehall sources stressed the figure was “very much the maximum that could be offered” given that the average civil service salary is just over £30,000 per year.

Whitehall departments will need to bid for the money provided at the spring statement and match the £150m from their own budgets, bringing the total funding to £300m.

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The Cabinet Office is understood to be targeting 400 employees in a scheme that was announced last year and will continue to run over this year.

A spokesman said each application to the scheme would be examined on a case-by-case basis to ensure “we retain critical skills and experience”.

It is up to each government department to decide how they operate their scheme.

The voluntary exit schemes form part of the government’s ambition to reduce bureaucracy and make the state more efficient amid a gloomy economic backdrop.

Ahead of the spring statement, Ms Reeves announced plans to cut civil service running costs by 15% by 2030, which ministers have said will save £2.2bn.

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The move could result in 10,000 civil service jobs being axed after numbers ballooned during the pandemic.

Ms Reeves hopes the cuts, which she said will be to “back office jobs” rather than frontline services, but civil service unions have raised concerns that government departments will inevitably lose skilled and experienced staff.

The cuts form part of a wider government agenda to streamline the civil service and the size of the British state, which Sir Keir Starmer criticised as “weaker than it has ever been”.

During the same speech, he announced that NHS England, the administrative body that runs the NHS, would also be scrapped to eliminate duplication and cut costs.

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