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(Sharecast News) - Cabin crew at budget carrier Ryanair have agreed to take temporary pay cuts to avert planned job losses due to the coronavirus crisis, the Unite union said on Wednesday.
The deal means workers will see a temporary pay cut of 5% for the lowest paid, 7.5% for others, and 10% for the highest paid.
Ryanair agreed to give the cash back in two tranches in 2023 and 2024, or earlier if business returns to pre-Covid levels of business sooner.
Airlines around the world have started imposing job cuts as the pandemic and associated lockdowns crippled passenger travel, leaving aircraft grounded and companies burning through cash reserves.
Unite members employed at Ryanair have been balloted on the agreement and voted to accept the deal, the union said, and acknowledged the airline's "constructive approach".
Union assistant general secretary Diana Holland said the agreement "shows that the company has taken a more constructive and less damaging approach to dealing with the issues than many of its competitor airlines".
British Airways has come under fire over plans to sack 12,000 staff and change employment terms for the remaining 30,000 employees.
A Unite poll of more than 2,000 people, three out of five of whom were British Airways passengers, found 61% believed BA was taking advantage of the coronavirus crisis to boost shareholder profits.
Almost seven out of 10 agreed that the airline's lucrative Heathrow landing slots deal should be reviewed.
"If BA press ahead to create a new and unrecognisable airline, it should not continue to benefit from its domination of lucrative legacy take-off and landing slots," Unite said.
"British Airways has lost the trust of its workforce, politicians and the country. "The only way (it) can retrieve its reputation as the world's best loved airline and protect its lucrative landing slots, is to withdraw its unprecedented attack on staff and enter into sensible negotiations."
7 Jun 2023 15:47
UK shareholder meetings calendar - next 7 days
| Thursday 8 June | |
| Ashtead Technology Holdings PLC | AGM |
| Camellia PLC | AGM |
| Checkit PLC | AGM |
| Churchill China PLC | AGM |
| CRH PLC | Court Meeting and EGM re proposal to transfer the company's primary listing to NYSE |
| Downing Renewables & Infrastructure Trust PLC | AGM |
| Fair Oaks Income Ltd | AGM |
| Fusion Antibodies PLC | GM re result of retail offer |
| Genflow Biosciences PLC | AGM |
| Glenveagh Properties PLC | AGM |
| Invesco Perpetual UK Smaller Companies Investment Trust PLC | AGM |
| Kavango Resources PLC | AGM |
| Kosmos Energy Ltd | AGM |
| Melrose Industries PLC | AGM |
| North American Income Trust PLC | AGM |
| Oriole Resources PLC | AGM |
| Panther Metals PLC | AGM |
| REA Holdings PLC | AGM |
| Renalytix PLC | GM re director's authorization to allot new shares and equity securities for cash |
| Vaalco Energy Inc | AGM |
| Friday 9 June | |
| Arecor Therapeutics PLC | AGM |
| Devolver Digital Inc | AGM |
| Fulham Shore PLC | GM and court meeting re takeover by Torridoll Holdings Corp |
| Hochschild Mining PLC | AGM |
| Mirada PLC | GM re cancellation and re-registration as PLC |
| MP Evans Group PLC | AGM |
| S4 Capital PLC | AGM |
| Sureserve Group PLC | Court Meeting and GM re acquisition by CAP10 |
| Monday 12 June | |
| Brighton Pier Group PLC | AGM |
| Learning Technologies Group PLC | AGM |
| Oxford Nanopore Technologies PLC | AGM |
| Pembridge Resources PLC | GM and Creditors' Meeting re future plans and objectives |
| Round Hill Music Royalty Fund Ltd | AGM |
| Staffline Group PLC | AGM |
| VPC Specialty Lending Investments PLC | GM re investment policy |
| Tuesday 13 June | |
| Animalcare Group PLC | AGM |
| Asiamet Resources Ltd | AGM |
| Centrica PLC | AGM |
| Dillistone Group PLC | AGM |
| EJF Investments Ltd | AGM |
| Elixirr International PLC | AGM |
| Flowtech Fluidpower PLC | AGM |
| Frenkel Topping Group PLC | AGM |
| Great Western Mining Corp PLC | AGM |
| Newbury Racecourse PLC | AGM |
| Plant Health Care PLC | AGM |
| Pressure Technologies PLC | GM re delay to the publication of the FY22 Annual Report and directors' remuneration |
| Pod Point Group Holdings PLC | AGM |
| Sound Energy PLC | AGM |
| Zinnwald Lithium PLC | AGM |
| Wednesday 14 June | |
| abrdn Property Income Trust Ltd | AGM |
| abrdn Smaller Companies Income Trust PLC | AGM |
| Andrews Sykes Group PLC | AGM |
| Aquila Energy Efficiency Trust PLC | AGM |
| Aurrigo International PLC | AGM |
| Brave Bison Group PLC | AGM |
| Christie Group PLC | AGM |
| Foresight Solar Fund Ltd | AGM |
| IGas Energy PLC | AGM |
| International Consolidated Airlines Group SA | AGM |
| Iofina PLC | AGM |
| James Fisher & Sons PLC | AGM |
| Liberty Global PLC | AGM |
| M&C Saatchi PLC | AGM |
| Petards Group PLC | AGM |
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