ryanair
Joined: Dec 2002
Posts: 167
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From: Europe
this was in an Irish Newspaper on Wednesday..
FOUR hundred Ryanair pilots and cabin crew will be forced to take one week of unpaid leave this year as the budget airline cuts back flights from Dublin and Stansted.
Michael O'Leary, the chief executive of Ryanair, said the airline's executives would also have their pay cut by at least 10pc because of the financial difficulties facing the sector.
The unpaid holiday will be imposed on staff at Dublin and Stansted. Each staff member faces losing about €1,500, based on an average Ryanair salary of €60,000.
FOUR hundred Ryanair pilots and cabin crew will be forced to take one week of unpaid leave this year as the budget airline cuts back flights from Dublin and Stansted.
Michael O'Leary, the chief executive of Ryanair, said the airline's executives would also have their pay cut by at least 10pc because of the financial difficulties facing the sector.
The unpaid holiday will be imposed on staff at Dublin and Stansted. Each staff member faces losing about €1,500, based on an average Ryanair salary of €60,000.
Joined: Jan 2008
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From: lancs.UK
Each staff member faces losing about €1,500, based on an average Ryanair salary of €60,000.
"Mildly" Eccentric Stardriver
Joined: Jan 2000
Aviation Qualifications: ATP+Mil
Posts: 4,332
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From: England
A while ago now, but this was also in the contract offered to the "buzz" pilots when they were taken over, one reason many opted for redundancy. That said, the option would probably be dismissals (less than two year's service = no redundancy pay) and I'm sure most employees would sooner sacrifice 1500 euros and still have a job to go back to. Knock Ryanair all you like but they're still employing people.
Joined: Aug 2008
Posts: 50
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From: Manchester
this is such a non thread, ryan air just taking sensible business decision in complicated trading environment.
'
A clever decision that will see little pain for employees while ensuring when the time comes for an upturn, those loyal and committee staff will benefit from their growing dominance in the sector. Simple. There are no fat cats at ryan air, lining their pockets unlike some national institutions i know.
'
A clever decision that will see little pain for employees while ensuring when the time comes for an upturn, those loyal and committee staff will benefit from their growing dominance in the sector. Simple. There are no fat cats at ryan air, lining their pockets unlike some national institutions i know.
Joined: Sep 2007
Posts: 441
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From: UK
There are no fat cats at ryan air, lining their pockets unlike some national institutions i know.
FOK
Joined: Oct 1999
Posts: 119
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From: England
Why doesn't MOL dip in to Ryanair's 'War Chest'? I've heard mention a while ago that it was 2 billion euros by some journo report along the way. If true, then shouldn't this resource be used in the difficult times to offset costs, after all it was gained during the good times.
Guest
Posts: n/a
An immensely rich man who sits on his butt atop a pile of lucre and berates low paid workers for their greed - that is a 'fat cat'.
Indeed, the term I'd use is far less mild.
With his share price at 1.90, and an IMF forecast of a further 20% drop in the stock market next week (down to 1.52) at what point does FR start to look highly attractive to a hostile takeover? How much would it cost a corporate raider to buy him out at 1.52 a share? With 51% the new owner has access to that pot of gold - 2 billion euro - or is it more? I hear 6 billion mentioned elsewhere!
I would imagine FR is starting to look very juicy to anyone with that kind of capital. Buy it up and assett strip it, you'd probably walk away with a few billion in cash. How hilarious would that be!
Micko - you better start spending money buying back your own shares soon sonny (he's obviously waiting until the price has really tanked before making the move).
Indeed, the term I'd use is far less mild.
With his share price at 1.90, and an IMF forecast of a further 20% drop in the stock market next week (down to 1.52) at what point does FR start to look highly attractive to a hostile takeover? How much would it cost a corporate raider to buy him out at 1.52 a share? With 51% the new owner has access to that pot of gold - 2 billion euro - or is it more? I hear 6 billion mentioned elsewhere!
I would imagine FR is starting to look very juicy to anyone with that kind of capital. Buy it up and assett strip it, you'd probably walk away with a few billion in cash. How hilarious would that be!
Micko - you better start spending money buying back your own shares soon sonny (he's obviously waiting until the price has really tanked before making the move).
Joined: Sep 2007
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From: UK
Indeed.
But, as in all these cases it's the innocents you feel sorry for - all the flight and cabin crew who wanted to make a fast buck and sold their souls in the process.
Mr Mickphistopheles methinks!
FOK
But, as in all these cases it's the innocents you feel sorry for - all the flight and cabin crew who wanted to make a fast buck and sold their souls in the process.
Mr Mickphistopheles methinks!
FOK
Joined: May 2003
Posts: 713
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From: uk
How much would it cost a corporate raider to buy him out at 1.52 a share? With 51% the new owner has access to that pot of gold - 2 billion euro - or is it more? I hear 6 billion mentioned elsewhere!
Joined: Mar 2007
Posts: 71
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From: Accross Europe
workers with no rights no unions
This will not last forever and the day will come where the bigman goes too far & people stand together & revolt. Ryanair will definetly be the first. Unions are a thing of the past but will also be a thing of the future.
Why do we have employee rights if they are not enforced?
Recent events have proved that a completely free market is not self sustainable due too greed and exploitaiton.
On the positive side there probably won't be many airlines left in a few years and then it will be easier to get unions recognised and the airlines won't care cos they will charge what they like again. Everyone wins except the consumer.
But what do I care I'm a pilot.
Bring back the old days.
Why do we have employee rights if they are not enforced?
Recent events have proved that a completely free market is not self sustainable due too greed and exploitaiton.
On the positive side there probably won't be many airlines left in a few years and then it will be easier to get unions recognised and the airlines won't care cos they will charge what they like again. Everyone wins except the consumer.
But what do I care I'm a pilot.
Bring back the old days.