Bloomberg.com, 19 Jun 2009, Shamim Adam
une 19 (Bloomberg) -- Singapore Airlines Ltd., the world’s largest carrier by market value, said its pilots agreed to take one day of no-pay leave each month starting July as it reduces capacity and costs amid slumping demand for air travel.
The company’s management will also have salaries cut by at least 10 percent starting in July, and Chief Executive Officer Chew Choon Seng’s pay will be reduced by 20 percent, the carrier said in a statement to the Singapore stock exchange today. Pilots will have their wages reduced by 65 percent of one day’s pay, pro-rated, from their monthly basic salary, it said.
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Related:
Singapore Airlines CEO takes 20 pct pay cut - Guardian.co.uk
Singapore Airlines CEO takes 20 pct pay cut - Reuters
Pay cuts, non-paid leave for SIA pilots - AFP
