EXCLUSIVE: Cosmos considers pay cuts
Thursday, 09 Oct, 2009
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Cosmos is considering across-the-board pay cuts for its staff among various cost cutting measures.
Industry rumours had suggested pay cuts of up to 10 per cent, but Cosmos managing director Stuart Jackson insisted no decision had been made.
Jackson said the group was considering various options after a year without growth and the prospect of a tough 2010. However, he stressed that job cuts were not on the agenda. Cosmos and Avro employ around 240 people, whilst sister Monarch Airlines has over 2,000 staff.
“At the group we’re looking across the board at how we can reduce costs and we’re currently in discussions with no decisions yet taken,” he said.
“We’ve got to make efficiencies and at the moment everything is in the melting pot.”
Jackson said pay cuts were a possibility but also added that if they were imposed, they might be for a limited period only. More flexible working arrangements were also being considered.
“We’ve actually done quite well this year because bookings are flat in a market that is down 13 per cent,” he said. “But demand next year will be static or it may even reduce.
“We’ve got fixed assets in terms of airlines, so we need to make some sensible business decisions.”
Jeremy Skidmore
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