THAI executives absorb blow with salary cuts
THAI is preparing to cut salaries and related expenses for top executives by 15-25% to survive the financial turbulence caused by the recent coronavirus outbreak. The new cost management plan will be effective from March 1 and last for 6 months. Monthly salaries for the airline's top executives, including the president, will be decreased, said THAI president Sumeth Damrongchaitham. Other related costs such as transport expenses will be cut as well. At least 40 executives will be included in the cutback. Sumeth said the airline has no plans to lay off pilots at the moment, but it has tightened operating costs in line with a weaker load factor on Asian routes. "About 10% of total flights in Asia have been cut," he said. Sumeth expects the overall load factor to drop to 70% during Q1. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-02-26/star/thai-executives-absorb-blow-with-salary-cuts
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THAI executives absorb blow with salary cuts
THAI is preparing to cut salaries and related expenses for top executives by 15-25% to survive the financial turbulence caused by the recent coronavirus outbreak. The new cost management plan will be effective from March 1 and last for 6 months. Monthly salaries for the airline's top executives, including the president, will be decreased, said THAI president Sumeth Damrongchaitham. Other related costs such as transport expenses will be cut as well. At least 40 executives will be included in the cutback. Sumeth said the airline has no plans to lay off pilots at the moment, but it has tightened operating costs in line with a weaker load factor on Asian routes. "About 10% of total flights in Asia have been cut," he said. Sumeth expects the overall load factor to drop to 70% during Q1. <br/>
