Monarch staff opt for wage cut to save airline

25 September 2014

monarch airlines Troubled - or at least we were unaware they were troubled until now - airline Monarch, says its staff have agreed to pay cuts of up to 30% to save it while it goes through financial turbulence.

The employees apparently voted in favour of the plan, after having chats with the unions and that.

Monarch's chief executive, Andrew Swaffield, said the vote was "a step forward" in the company's re-organisation.

Mr Swaffield added that there were still "further hurdles to be overcome" but that the company had secured future investments from Greybull.

"This is firm progress for Monarch, its employees and for its customers," he said.

Jim McAuslan, General Secretary of the British Airline Pilots' Association (Balpa), reckoned that pilots had made "major sacrifices to secure the future of this important British company".

"We welcome the announcement that Greybull are moving towards securing their position as majority shareholders in Monarch," he said.

"It is now time for the government to engage with all of the parties concerned and do everything it can to make this deal happen and help Monarch survive and thrive."

The company is having a bit of a reshuffle, and while 900 jobs are possibly at risk - around 30% of their workforce - it was vital for the company as it transforms itself into a low cost effort.

TOPICS:   Travel

1 comment

  • Question
    Has one of these pay cuts to save a company ever actually worked? Anytime I've heard of it happening it seems like the company ends up going out of business a few months down the line anyway.

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