(Alliance News) - Ryanair Holdings PLC on Friday said its Irish pilots have accepted a four-year agreement including a 20% pay cut restored over four years, while its UK and Ireland cabin crew have accepted a 10% cut.
The agreement also includes "productivity improvements on rosters" as well as "flexible working patterns and annual leave" with the aim of minimising job losses for Irish pilots.
Budget airline Ryanair, which has its headquarters in Swords near Dublin said the deal gives the company "a framework to flex its operation" while the Covid-19 pandemic remains ongoing as well as offering "a pathway to recovery" once normality returns.
BALPA and Ryanair UK agreed a similar deal earlier in the week that also included a 20% pay cut and improvements to productivity.
Alongside this, Ryanair also signed agreements with the Forsa union concerning Irish based cabin crew and the UNITE union for its UK cabin crew including pay reductions of up to 10%. These cuts are also to be fully restored over four years with the agreement also including productivity improvements.
The cabin crew agreements are out to ballot at present.
Ryanair said the new agreements demonstrate a willingness on the part of its plots to work with the airline during the pandemic where Ryanair is to carry 50% less traffic and take in "significantly lower fares for the foreseeable future".
Chief Executive Eddie Wilson said: "We welcome this week's results in both Ireland and the UK of acceptance of a 4-year agreement on 20% pay cuts and productivity improvements on rosters and flexible working patterns to save the maximum number of Irish and UK pilot jobs. The strength of this acceptance demonstrates the commitment from our pilots in Ireland and the UK to work with Ryanair as we work our way through this crisis over the next number of years."
Ryanair shares were down 0.7% at EUR10.86 in London on Friday morning.
By Anna Farley; annafarley@alliancenews.com
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