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Pin to quick picksRyanair Share News (RYA)

Share Price Information for Ryanair (RYA)

London Stock Exchange
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Share Price: 16.69
Bid: 16.665
Ask: 16.705
Change: 0.24 (1.46%)
Spread: 0.04 (0.24%)
Open: 16.865
High: 16.865
Low: 16.65
Yest. Close: 16.45
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Ryanair Pilots In Spain Accept 20% Pay Cut To Minimise Job Losses

Thu, 20th Aug 2020 17:11

(Alliance News) - Irish no-frills airline Ryanair Holdings PLC, which has slashed its flight capacity as a result of the pandemic, said Thursday its pilots in Spain had accepted a 20% pay cut to minimise job losses

Under the four-year agreement reached with Spanish pilots union SEPLA, pilots also accepted "flexible working patterns" which will allow the airline to improve its productivity, Ryanair said in a statement.

"This agreement gives Ryanair a framework to flex its operation during the Covid-19 crisis and a pathway to recovery when the business returns to normal in the years ahead".

At the same time, the company said it had failed to strike a deal with Spanish cabin crew unions USO and SITCPLA, which means "job losses are now more likely" among their members.

Ryanair announced Monday that it would cut is September and October timetable by 20% due to weaker-than-expected demand following renewed virus-linked travel restrictions in some European countries.

The company said the cuts would focus on countries such as Spain and France where a recent rise in coronavirus cases has led to increased travel restrictions.

Ryanair booked a net loss of EUR185 million euros in the three months to the end of June, the first quarter of its financial year.

In response to the coronavirus-induced downturn, Ryanair is seeking to axe 3,000 jobs and has not ruled out further cutbacks.

The pandemic has ravaged the global aviation sector, sparking heavy losses, job cuts, bankruptcies and state rescue plans.

Shares in Ryanair closed 3.2% lower in London on Thursday at EUR11.13 each.

source: AFP

Copyright 2020 Alliance News Limited. All Rights Reserved.

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