AirAsia to slash workforce by 30%, considers 10% stake sale

AirAsia Group is set to reduce its workforce by up to 30% as founder Tony Fernandes considers selling a 10% stake in the airline to raise cash. Desperately trying to stave off a cash flow crisis triggered by the coronavirus pandemic which has decimated the region's travel and tourism industry, AirAsia will also slash remaining staff salaries by up to 75% in an attempt the save the airline. The retrenchment will include cutting 60% of AirAsia's cabin crew and pilots for both AirAsia and its medium-haul affiliate AirAsia X. AirAsia Group operates through Malaysia, Thailand, Indonesia, Japan, India and the Philippines. Almost all of the company's 20,000 employees have been individually re-evaluated since January based on salary scale and performance, with the lay-off expected to continue through to the end of July. Multiple sources have told Nikkei that the airline -- in which Fernandes continues to hold a majority stake -- may also sell 10% of the company's paid-up shares to raise cash, with South Korea's SK Corp reportedly leading a trio of multinationals expressing interest.<br/>