Ryanair Halves All Salaries for April, May Due to Coronavirus
April 03 2020 - 5:31AM
Dow Jones News
By Anthony O. Goriainoff
Ryanair Holdings PLC said Friday that it is cutting all pay by
50% for April and May with immediate effect due to the coronavirus
pandemic.
The budget airline said the pay cut included senior management
and that this was part of the company's measures aimed at cutting
operating costs in a bid to improve liquidity and cash flows.
Among the other measures taken by the company in response to the
crisis include grounding aircrafts, deferring capital expenditure,
suspending share buybacks, freezing recruitment and discretionary
spending.
"We are engaging with our people and our unions across all EU
countries to agree payroll support mechanisms as they are put in
place by EU Governments," the company said.
Shares in London at 0850 GMT were up 0.4% at EUR8.59.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
April 03, 2020 05:16 ET (09:16 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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