Spain’s Iberia Takes on Pilots With Plan to Cut Wage Bill by 20%
18 April 2012 @ 00:16
Spanish airline Iberia revealed a plan to slash pilot pay by 62 million euros ($81 million) or one-fifth while improving productivity by 25 percent as it seeks to match profitability levels at sister company British Airways.
Iberia, which formed International Consolidated Airlines Group SA (IAG) with BA last year, aims to reduce pilot pay scales by 12 percent and extend the reduction to 20 percent with measures including the elimination of inflation-linked raises, the Madrid-based company said today in a statement. Maximum flying hours will be lifted to 900 a year from 820-850 previously.
Read the full article at Bloomberg
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