This arrived in my inbox from a BALPA source (a regular e-mail newsbriefing.) Thoughts? I've copied it exactly as it arrived to me
SIA employees agree to pay cuts
David Fullbrook, Singapore (09Nov01, 09:02 GMT, 209 words)
Singapore Airlines’ (SIA) employees have tentatively agreed to take pay cuts to help the carrier reduce costs as the industry crunch bites deep into its balance sheet.
"The unions have agreed to a pay cut and it’s now being worked on," says an SIA spokesman.
Air Line Pilots Association Singapore honorary secretary Captain Sutharsana, who like some Indians uses only one name, says the two sides have come to an understanding which he expects to result in a firm agreement by 13 November.
Talks are continuing, with trigger points for pay cuts discussed at an earlier meeting today, but Sutharsana expects the cuts to be in the order of 5-7%, which is what SIA was hoping for.
SIA is cutting routes, frequencies, product upgrades and salaries in a bid to avoid its first ever full-year loss, which most analysts and even the company think is a very real possibility.
SIA is also delaying or deferring some of the dozens of aircraft it has on order.
Management salaries were earlier cut by 7-15%.
Not only is the carrier suffering as passengers shy away from air travel following September’s infamous terrorist attacks, but the Air New Zealand debacle has left a large hole in the balance sheet compounding the carrier’s woes.
Source: Air Transport Intelligence news
I can't recall seeing mention of this in here, or on R and N.
[ 16 November 2001: Message edited by: Sick Squid ]