Monarch staff agree to large pay cuts as part of company’s turnaround
Monarch staff have agreed to up to 30% pay cuts as part of the company’s plan to evolve into a leading scheduled European low-cost airline.
Following discussions with union representatives of BAPLA, the pilots union, and UNITE, which represents its cabin crew and engineers, staff were balloted on the proposed changes to pay and terms and conditions.
Results showed 96% of pilots voted in favour, over 90% of cabin crew and 88.43% of engineers at Monarch Aircraft Engineering Limited (MAEL).
The changes impact all areas of the business and involve concessions of up to 30% in salaries, as well as changes to working patterns and other conditions.
Confirmation of the result comes just a day after The Board of Monarch Holdings Limited, announced Greybull Capital LLP as the preferred bidder to acquire Monarch from the Group’s current shareholders, principally the Mantegazza family.
Monarch Group CEO, Andrew Swaffield, said: "This vote represents another step forward in our efforts to transform Monarch and demonstrates a commitment from every member of the Monarch workforce.
"Today’s news that staff accept changes to their terms and conditions, including considerable reductions in salaries, is a further, significant step in our efforts to complete our proposed transaction.
"Further hurdles are still to be overcome, however we have also secured major agreements with aircraft lessors and commitments on future investment from Greybull. This is firm progress for Monarch, its employees and for its customers."
General secretary of the British Airline Pilots’ Association (BALPA), Jim McAuslan, said: "Pilots and their colleagues at Monarch have stood up and made major sacrifices to secure the future of this important British company, accepting lower pay and reduced terms and conditions within a restructured airline.
"We welcome the announcement that Greybull are to moving towards securing their position as majority shareholders in Monarch."
Oliver Richardson, national officer, UNITE said: "Our priority is the welfare and longer term job security of our members. Although the discussions over the past few weeks have been difficult and our members are sacrificing a lot, what is clear is that they remain committed to the future of Monarch and have voted accordingly."
Unite has more than 1,000 members working for Monarch in engineering and cabin crew roles.
Greybull is a family office with a focus on investing in private companies across a diversified range of industry sectors.
The deal will not be concluded until further negotiations have taken place but is expected to complete towards the end of October.
Diane
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