LONDON (dpa-AFX) - As per a report published in Financial Times, the base salary of British Airways pilots will be reduced by 50 percent split over three months. The pilots will be asked to take two weeks of unpaid leave during April and May.
On Monday, IAG said it is taking actions to reduce operating expenses and improve cash flow due to financial impact from COVID-19. The actions include grounding surplus aircraft, reducing and deferring capital spending, cutting non-essential and non-cyber related IT spend, freezing recruitment and discretionary spending, implementing voluntary leave options, temporarily suspending employment contracts and reducing working hours.
Willie Walsh, CEO of IAG, has agreed to delay his retirement for a short period to tackle Covid-19. He also agreed for a 20 percent salary deduction. Luis Gallego will continue in his role as Iberia chief executive for the next few months.
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