Ryanair Irish Pilots Agree to Pay Cuts to Minimize Job Losses
July 03 2020 - 3:38AM
Dow Jones News
By Joe Hoppe
Ryanair Holdings PLC said Friday that it has reached an
agreement with its Irish pilots to accept pay cuts to minimize job
losses in the wake of the coronavirus pandemic.
The four-year agreement--accepted by all Irish pilots--includes
a 20% pay reduction, restored over four years, along with
productivity improvements on rosters, flexible working patterns and
annual leave, the low-budget airline said.
The British Airline Pilots Association and Ryanair U.K. pilots
earlier this week accepted a similar deal to save jobs, with 20%
pay cuts and productivity improvements. Agreements have been signed
with the Forsa union for Irish-based cabin crew and UNITE for U.K.
crew, accepting 10% pay reductions, fully restored over four years
as well as productivity improvements. The cabin crew agreements are
currently out to ballot.
"The strength of this acceptance demonstrates the commitment
from our pilots in Ireland and the U.K. to work with Ryanair as we
work our way through this crisis over the next number of years,"
Chief Executive Eddie Wilson said.
Shares at 0703 GMT were up 12 European cents (13 U.S. cents), or
1.1%, at EUR11.05.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
July 03, 2020 03:23 ET (07:23 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Ryanair (NASDAQ:RYAAY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ryanair (NASDAQ:RYAAY)
Historical Stock Chart
From Sep 2023 to Sep 2024