VA pilots worried about employment 2021

[Turnleft080]

https://www.health.gov.au/sites/default/files/styles/full/public/images/publications/2020/04/new-and-cumulative-covid-19-cases-in-australia-by-notification-date_0.png?itok=y7fyOd1X
Thought I post this. About 24/02 if we closed all our international borders to everything all domestic airlines
would be operating today still in a better capacity than now. All aussies wanting to come back would need that 14 day isolation.
It would of saved millions of jobs. Now we know what to do next time.

[mickjoebill]

Selfish question, what should I do with 450k velocity miles?
Transfer, throw a dart at the calendar and book a flight, buy a piece of tat from the online store.. or sit tight?



Mjb

[ECAMACTIONSCOMPLETE]

https://www.afr.com/politics/federal/virgin-could-be-allowed-to-crash-for-new-airline-20200401-p54fv6

[Chris2303]

https://www.afr.com/politics/federal/virgin-could-be-allowed-to-crash-for-new-airline-20200401-p54fv6

Story is behind a paywall

[layman]

Unable to read the full AFR article If (IF?) Virgin does go under, could we have ANZA (Air NZ Australia) eventually creating a single Aus/NZ airline market?

Or is that too hard?

[chookcooker]

Article suggests Ryanair as mostly likely.

Kind of makes the whole article seem a bit ........

[WillieTheWimp]

The federal government is likely to facilitate the entry of a new carrier into the domestic market, rather than bail out Virgin Australia, should the struggling airline not survive the coronavirus crisis. (https://www.afr.com/topic/coronavirus-pandemic-1ndb)

While the government would prefer that Virgin survived the economic crisis, it has no intention of acceding to the airline's request for a $1.4 billion loan (https://www.afr.com/link/follow-20180101-p54fvz).

Senior government sources told The Australian Financial Review that when the government insisted repeatedly that Australia must still have two strong airlines on the other side of the coronavirus catastrophe, that did not necessarily include Virgin.

It would not grant Virgin's wish for a $1.4 billion loan because it did not want to be saddled with an equity stake in a business that was already doing it tough before the virus crisis.

Neither did it want to create a precedent by stepping in to save a specific business.

"That is not our role,'' said a source.
RELATED QUOTESVAH (https://www.afr.com/research-tools/vah/share-prices)Virgin Australia$0.090.001 year (https://www.afr.com/politics/federal/virgin-could-be-allowed-to-crash-for-new-airline-20200401-p54fv6#vahYear)1 day (https://www.afr.com/politics/federal/virgin-could-be-allowed-to-crash-for-new-airline-20200401-p54fv6#vahDay)May 19Aug 19Nov 19Feb 200.050.100.150.20
Updated: Apr 2, 2020 – 7.12am. Data is 20 mins delayed.
View VAH related articles (https://www.afr.com/company/vah-1ml)QAN (https://www.afr.com/research-tools/qan/share-prices)Qantas$3.380.00May 19Aug 19Nov 19Feb 202.004.006.008.00

Advertisement"Do we want two strong airlines at the end of this? Yes, we do.

"But support can't be specific for one business. It must be systemic.

"There comes a time when the government can't run every business around the country.''
We do not take sides. We make judgments on an economy-wide and industry-wide basis.

— Mathias Cormann
Should Virgin fail, the government would facilitate the entry of another carrier.

It is generally accepted that unless it secured extra capital, Virgin could burn through its cash reserves in three months (https://www.afr.com/link/follow-20180101-p54fvz). Rival Qantas could last for up to 11 months.

The government believed initial responsibility lay with two of Virgin's sovereign-backed co-owners, Singapore Airlines and Etihad.

So far, the government has announced about $1 billion in general support (https://www.afr.com/link/follow-20180101-p54fik) for the aviation industry, which largely involves waiving of fees and taxes, some of which, such as fuel excise, they are not incurring because they are hardly flying.

It also said Virgin could draw on the $1500-per-fortnight wage subsidies (https://www.afr.com/link/follow-20180101-p54f2b)announced this week for workers who have either been stood down or who are still clinging on to their jobs at struggling companies.

As of 5pm on Wednesday, 452,236 businesses had applied for the subsidies under the $130 billion JobKeeper program. Parliament will sit on Wednesday next week to pass legislation for the program following an agreement struck between Scott Morrison and Anthony Albanese.
'Barriers would be lowered'Virgin's cash position would improve with the JobKeeper allowance, and it was also seeking to improve liquidity by pushing for rent relief from landlords (https://www.afr.com/link/follow-20180101-p54fvc).

Virgin's listed retail bonds, issued late last year to fund the partial buy-back of its loyalty division, are trading close to levels investors say are equivalent to a recovery rate if they were to default.

But should the airline fail, "steps will be taken to get another carrier to enter the market'', a government source said. "Barriers would be lowered.''
https://static.ffx.io/images/$zoom_0.216%2C$multiply_0.5855%2C$ratio_1.776846%2C$width_10 59%2C$x_0%2C$y_95/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/5d8c6b8b7d6b132a5b2b5ae2ce6a09b7d5627bb6Virgin's request for a $1.4 billion loan will not be granted. Edwina Pickles

Australia already has one of the most liberal markets in the world when it comes to allowing foreign competitors in.

An entrant would have access to Virgin's infrastructure such as hangars and terminals. There would be a ready-made workforce from which to draw upon and it would be guaranteed take-off and landing slots.

Federal government approvals would be largely regulatory, said an industry source.

The source said that if Virgin did go under, a likely entrant would be British budget carrier Ryanair.
https://static.ffx.io/images/$zoom_0.5298%2C$multiply_0.1322%2C$ratio_1.777778%2C$width_1 059%2C$x_0%2C$y_54/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/2e768553e535f2bfb756eac76d48a51d4a7fd33d (https://www.afr.com/companies/transport/virgin-and-qantas-how-long-have-they-got-20200401-p54fvz)RELATEDHow long have Virgin and Qantas got? (https://www.afr.com/companies/transport/virgin-and-qantas-how-long-have-they-got-20200401-p54fvz)In recent days, Finance Minister Mathias Cormann and Trade and Tourism Minister Simon Birmingham have stressed the need for Australia to have two strong domestic airlines once the coronavirus crisis abated.

On top of the general measures announced so far, Senator Cormann signalled more industry help that may or may not save Virgin but he specifically ruled out a loan or other specific support.

"We do not take sides. We make judgments on an economy-wide and industry-wide basis. We do not pick winners,'' he said.

"We make judgments based on what is good policy. That is what we will continue to do here. We do want competition between two strong and viable airline businesses on the other side.

"What that will look like on the way through, we will have to see how that plays out.
https://static.ffx.io/images/$zoom_0.1886%2C$multiply_0.1322%2C$ratio_1.777778%2C$width_1 059%2C$x_0%2C$y_93/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/d4145b620e90496a1a952328533edf7d1c6d64ba (https://www.afr.com/companies/transport/government-likely-to-reject-virgin-s-opening-1-4b-bailout-plea-20200331-p54fik)RELATEDGovernment set to reject Virgin's $1.4b opening gambit (https://www.afr.com/companies/transport/government-likely-to-reject-virgin-s-opening-1-4b-bailout-plea-20200331-p54fik)"It is not our plan to take equity in an aviation business. But we are continuing to assess what appropriate supports, in a competitively neutral basis might be able to be provided moving forward."

Senator Birmingham has stated previously that "not having airlines in Australia is not negotiable for a country like us and would cripple our recovery''.

-with Jemima Whyte and Lucas Baird

[Servo]

So its ok for the previous governments to give billions of dollars to car manufacturers during good times, but when everything goes to s^%t, they wont LOAN the money to Virgin, Qantas etc.

Little Irish F%^K got his wish. Asshole.

[normanton]

The company's net worth is between $500-800m with daily stock movements. Why would the government loan them $1.4b, when they already have $4b in debt. In 2-3 years when Virgin don't pay it back, the government acquires a debt ridden company! Doesn't make sense to me.

[Arctaurus]

One reason they won't lend to airlines is the very example of the car industry above and the individual companies that received benefits. That was a total disaster and a waste of hundreds of millions dollars.

This would be the same.

"Competitively neutral" assistance is another matter altogether and would be absolutely reasonable, but I doubt even that would save VAH because of how it would be targeted and it wouldn't provide an immediate cash injection which is what this company desperately needs to survive over this period.

[Lapon]

Little Irish F%^K got his wish. Asshole.


Unfortunately so it seems.

Ignoring one mans ego, it would be in QF best interest that VA do survive. Better the weaker rival you know than the a new kid on the block who may well be that much stronger than you are.

I for one hope VA make it and wish them the best.

[crosscutter]

I echo that comment. My loyalties certainly rest with my brothers in arms, not the ivory towers.

all the best.

[Buster Hyman]

Okay, so hypothetically, if Ryanair were to enter the market, that would change the whole dynamic here. Would it mean QF would diminish Domestically & JQ would take a bigger role in order to compete on a level playing field with them? There would still be a demand for the 'premium' QF product on some routes, but one would imagine them conceding others to JQ.

[crosscutter]

Early days but history suggests QF will retain capacity in line with their “s” curve profit maximisation strategy. As to the makeup of that capacity.. that’s beyond me.

Worth considering the different markets. UK has a population of 70m. Wider EU population 500m. Australia is not cracking 25m. Any entrant may operate to a different business model than their traditional home market as required.

[Lapon]

Would it mean QF would diminish Domestically & JQ would take a bigger role in order to compete on a level playing field with them?

Could Jetstar even compete or would the QF group cede to Ryanair and focus on the premium end?

Are Ryanair even more serious about the whole prospect than they are for charging to use onboard toilets? I have my doubts.

[wheels_down]

JetBlue Airways Australia

The model would do very well here.

[hec7or]

Bearing in mind that the article stated that Ryanair is a British Airline, I would take the whole suggestion with a few grains of salt. Ryanair is an Irish Airline, it holds a British AOC for Brexit planning.

[The Bullwinkle]

So where did the whole rumour of Ryanair coming down under start in the first place?
Is this yet another Joyce bull**** story?

[ExtraShot]

JetBlue Airways Australia

The model would do very well here.

Agreed. Someone should write them. Not that they’d be in any position to expand here at the moment.

[ECAMACTIONSCOMPLETE]

Air NZ perhaps? They can take advantage of the open market agreement between Australia and New Zealand, similar to how Jetstar Australia operates NZ domestic

[Ragnor]

VA is still alive and kicking and the replacement is all ready been talked about.

[Lookleft]

I think the story started because someone plucked the name of a LCC out of the air and decided it would be a good idea. Its amazing how short the aviation memories are. Does anyone recall how Tiger was going to wipe the floor when they started because they were backed by SIA and were going to go trans-Pacific with A330's? Didn't end well.

[KRUSTY 34]

Reading the article I’m a little confused.

The government assistance of $1,500 per fortnight in supposed to be paid directly to the employee by the company, provided they keep them employed. I get that the poor souls at Tiger and in NZ who have been retrenched don’t qualify, but how can Virgin use any of this money to prop up the business, other than to mitigate the wages bill for the small number of staff not currently stood down.

If the money doesn’t go directly to an active employee, then my understanding is the company can’t use it for any other purpose.

Or am I missing something?

[non_state_actor]

I think the story started because someone plucked the name of a LCC out of the air and decided it would be a good idea. Its amazing how short the aviation memories are. Does anyone recall how Tiger was going to wipe the floor when they started because they were backed by SIA and were going to go trans-Pacific with A330's? Didn't end well.

It is on the front page of the AFR quoted from senior government sources.

[B772]

normanton (https://www.pprune.org/members/331471-normanton) I fail to see how VA has a net worth is between $500-800m. Net worth has nothing to do with daily share turnover value. Putting it simply the liabilities are greater than the assets. VA has to be careful they do not trade when insolvent. The directors are in a precarious position and have to be careful they do not breach their duties under the Act.

[davidclarke]

normanton (https://www.pprune.org/members/331471-normanton) I fail to see how VA has a net worth is between $500-800m. Net worth has nothing to do with daily share turnover value. Putting it simply the liabilities are greater than the assets. VA has to be careful they do not trade when insolvent. The directors are in a precarious position and have to be careful they do not breach their duties under the Act.

5bn in debt, burning thru cash that is “borrowed” and generating virtually no revenue seems awfully close to trading insolvent.

[John Citizen]

It might be more appropriate to rename this thread



VA pilots worried about employment 2020

[LostWanderer]

So the government basically are saying no dice on the funding plea and all but outright telling the world they are willing to lower the barriers for a new carrier to start up...is the outcome of this basically dictating the end for VA now?

From what I have read lately PS has all but said they may not be able to survive without it and the fin review seems to believe there is only 3 months of cash til they run out completely, unless things improve drastically in the aviation industry in less than 3 months, what are the options now? Sell off 3/4 of the fleet and operate a skeleton operation? I can't imagine the 330/777 will be taking to the skies again if these latest articles on finances are correct.

[Rashid Bacon]

The fact they went to the government as a lender of last resort is an indication that fund raising in the market place was unsuccessful.

[Icarus2001]

If I was the minister I would be asking how much the owners of the company are putting in to help save all these jobs. If a billionaire businessman is putting in zero why should the Australian taxpayer?

It may be worth having a look at what Branson did with Flybe, before it went bankrupt.

as a lender of last resort is an indication that fund raising in the market place was unsuccessful.

A very good point.

[Paragraph377]

The fact they went to the government as a lender of last resort is an indication that fund raising in the market place was unsuccessful.
Absolutely correct. Unfortunately this is a perfect storm for aviation. VA has had over 10 years to get the structure of the airline right and start making a profit. They couldn’t do it, and if they couldn’t do it when the going was good how the hell can they do it now with the airline grinding to a halt? No planes = no fly = no incoming revenue = no airline. Mostly foreign owned, enough borrowed cash to last 3 months, basically no assets and no forward revenue. Sadly at this point in time there will not be a VA returning. There is simply no value in the airline which means no investor is willing to kick the tin. We are entering a Depression and there is no money to spend. SQ and ANZ were the only likely saviours and they are busy saving their own asses let alone investing in VA.

The sooner Scurrah starts communicating with his staff, the better. There is simply not enough info coming from the tower. Is he busy packing up his model planes and emptying the petty cash tin?

[B772]

Forget about Branson. After he was cashed up by the sale of his share in Virgin America he was offered a greater share of VAH. He promptly declined. He is a fake. A bit like Trump who wants to see his name on everything without owning it and collecting a royalty. He now has has his own problems with his Virgin Voyages. One ship is tied up and he and his partners (Bain and Coy) are committed to 3 more ships with 2 under construction. Unfortunately for Branson this setback occurred before he could sell the majority of his share and lock in the royalty and then move onto his next project.

[Buster Hyman]

Interesting suggestion here (https://www.theage.com.au/business/companies/government-shouldn-t-rescue-airlines-or-super-funds-from-their-own-ineptitude-20200402-p54gck.html)...

The better option, if it were to come to that – and Virgin has sufficient cash to get through the next three to six months – would be to put the business into administration, wipe out the shareholders, impose losses on creditors and enable a more dramatic restructuring of the business than Scurrah could achieve in more normal circumstances.

[t_cas]

And..... amongst all the posturing by AJ, has the country forgotten how he held the entire nation to ransom, when he shut the airline down overnight in a dummy spit?

Psychopath behavior. (Personal Opinion)

[B772]

News out of London today is Virgin Atlantic needs bailing out. Branson's group only owns 20% so it will be interesting to see if he stumps up. I suspect not. He will ask for assistance from the U.K Government. I believe Branson asked Scurrah to ask the Australian Government for $1.4B. Now we have Scurrah making statements such as an airline monopoly (read QF) will damage the economy. I doubt he is qualified to make that statement let alone manage an airline..

[Icarus2001]

https://www.theguardian.com/business/2020/apr/01/virgin-atlantic-bailout-backed-by-rolls-royce-airbus-and-heathrow

The speed with which these comapnies all put their hands out is amazing.

Privatise the profits...socialise the losses.

[DanV2]

News out of London today is Virgin Atlantic needs bailing out. Branson's group only owns 20% so it will be interesting to see if he stumps up. I suspect not. He will ask for assistance from the U.K Government. I believe Branson asked Scurrah to ask the Australian Government for $1.4B. Now we have Scurrah making statements such as an airline monopoly (read QF) will damage the economy. I doubt he is qualified to make that statement let alone manage an airline..

Branson still owns 51% of VS. The deal with AF/KL to buy 30% fell through and Branson kept his stake.

Source: https://www.ft.com/content/0a67e5f4-16b6-11ea-8d73-6303645ac406

[B772]

DanV2 I was not aware the deal fell through last year. This makes it more difficult for Branson to retain his share of Virgin Atlantic. The slots at Heathrow are already mortgaged. Perhaps Willie Walsh was correct when he said he cannot see Delta wanting to operate the Virgin brand because if they do what does that say about the Delta brand.

[AmIInsane]

Icarus2001;

‘Privatise the profits...socialise the losses.‘


Bang on.....

[aussieflyboy]

Hopefully for the sake of the crew they pull through this. However if they don’t, where does it leave VARA?

Is VARA a seperate business in its own right? Could it be sold to help keep the ‘mainline’ part afloat?

[directimped]

Privatise the profits...socialise the losses.
For a system that is supposedly so evil (socialism), they sure do turn to it pretty fast in a time of crisis.

Not to worry, we'll be back to privatising those profits soon enough and the tax payer will have to pick up the tab.

[captain8]

VA still pay major salaries to its pilots at least.
Over £200000/year for senior trainer checker.
No one I know has volunteered to take a permanent salary cut . Not in my back yard I hear them mutter, im senior.

I don't get it. Why VA don’t reduce salaries nowto preserve themselves?
Because the general public will unwittingly be required to bail them out in the national interest. It could be argued they should have never ordered the ageing A330 , too much expansion and no income.

must be a bitter pill to swollen to all who were made redundant in the last 2 years, while VA flout themselves and their apparent immunity to reality

[wheels_down]

Pilot Remuneration cuts is just a drop in the ocean. It wouldn’t make a lot of difference to save the company from collapse. The majority of the company is not being paid currently anyway. It’s all the other costs that continue to roll month after month.

The issues at the present time are aircraft leases, engineering, fees, contracts, property, redundancy payouts.

A330 leases at $1m a month, times such and such many months, the numbers grow very fast.

[Des Dimona]

The issues at the present time are aircraft leases, engineering, fees, contracts, property, redundancy payouts.

In the absence of funding from any last resort lenders, that's why the company needs to be put into administration now, particularly to preserve employee payouts.

The silence from Scurrah is deafening.

[wheels_down]

In the absence of funding from any last resort lenders, that's why the company needs to be put into administration now, particularly to preserve employee payouts.

The silence from Scurrah is deafening.
One would just hope silence equals a work in progress on some form of deal from somewhere/someone.

[C441]

The silence from Scurrah is deafening.
He was on ABC Radio's AM (https://www.abc.net.au/radio/programs/am/virgin-australia-boss-says-$1.4-billion-rescue-loan-critical/12117280) program this morning.

He basically states that the other owner-airlines have been approached but their owners are in the same predicament, thus cannot afford to support Virgin.

[Vindiesel]

Anyone thinking the government will pour $1.4b into a long-term loss-making company is dreaming,

$1.4b for a ~70% stake with market cap less than half that amount in a company with a bloated cost base and a $5b debt book significantly denominated in USD would be one of the greatest misuses of public money in history.

The argument about helping the tourist industry recover is naive, The recovery will be more U shaped than V shaped and there will be more than enough overseas capacity and capability that could be introduced into Australia to assist the tourism recovery - all without the need for throwing good taxpayer money after bad into a debt-laden company. Even in 3 years, this taxpayer money will never be recovered and VAH's debt will still be there.

If VAH's billionaire and state-backed shareholders won't tip money in, then why should Joe Public? What steps is VAH taking to immediately address its cost-base? Has it asked employees to make permanent changes to its cost base? Has it renegotiated leases? Until these changes are seen, I wish you all good luck...

[Toruk Macto]

They know Australian government over a barrel , they need virgin to help repair economy post virus .

[ECAMACTIONSCOMPLETE]

Anyone thinking the government will pour $1.4b into a long-term loss-making company is dreaming,

$1.4b for a ~70% stake with market cap less than half that amount in a company with a bloated cost base and a $5b debt book significantly denominated in USD would be one of the greatest misuses of public money in history.

The argument about helping the tourist industry recover is naive, The recovery will be more U shaped than V shaped and there will be more than enough overseas capacity and capability that could be introduced into Australia to assist the tourism recovery - all without the need for throwing good taxpayer money after bad into a debt-laden company. Even in 3 years, this taxpayer money will never be recovered and VAH's debt will still be there.

If VAH's billionaire and state-backed shareholders won't tip money in, then why should Joe Public? What steps is VAH taking to immediately address its cost-base? Has it asked employees to make permanent changes to its cost base? Has it renegotiated leases? Until these changes are seen, I wish you all good luck...

I agree about the recovery.

It will be sluggish domestically but even if it does come back strongly both Qantas and Jetstar will have surplus wide body aircraft (JQ 11 787s, Qantas 40ish A330s and 787s) that can fill the void, as I’m sure no one doubts that international will take quite a bit longer to come back (50 wide bodies would be around the same capacity as virgins 77 narrowbodies).

looking beyond the 18-24 month mark, JQ alone have 18 A321LRs due which could be used for growth to fill the domestic vacuum as international demand comes back, I’m sure Qantas would do similar. Beyond this point, a new entrant would be seen into the market most likely.

so the notion that the australian domestic tourism market will be crippled by the absence of virgin is false in my view.

[stevieboy330]

I would hate to see it go the way of Ansett, I have mates working there but a 90% foreign owned company being propped up by Australian tax payers in the current climate seems unlikely. Without that it's probably over & it also seems unlikely anyone else is going to save the day. A vicious blow given most will find it hard to find employment elsewhere.

[Vindiesel]

I agree about the recovery.

It will be sluggish domestically but even if it does come back strongly both Qantas and Jetstar will have surplus wide body aircraft (JQ 11 787s, Qantas 40ish A330s and 787s) that can fill the void, as I’m sure no one doubts that international will take quite a bit longer to come back (50 wide bodies would be around the same capacity as virgins 77 narrowbodies).

looking beyond the 18-24 month mark, JQ alone have 18 A321LRs due which could be used for growth to fill the domestic vacuum as international demand comes back, I’m sure Qantas would do similar. Beyond this point, a new entrant would be seen into the market most likely.

so the notion that the australian domestic tourism market will be crippled by the absence of virgin is false in my view.

Correct. And Qantas aren't idiots. In my opinion if VA does fall over then you can rely on the government demanding (and Qantas providing) public assurances about airfares and so on to address the price gouging risk.

[Lapon]

Correct. And Qantas aren't idiots. In my opinion if VA does fall over then you can rely on the government demanding (and Qantas providing) public assurances about airfares and so on to address the price gouging risk.

Ahem are you serious? That would require a degree of moral behavior which even through this crises has been lacking.
I wouldn't ask anyone living in a part of the country where competion was already lacking as to how that would probably go.

[B772]

Paul Scurrah sounding a little nervous on the ABC this morning. No doubt offering the ABC an interview in prime time to get the message out and trying to influence the government for cash. Unfortunately he knows there is little likelihood of that happening. He does not seem to understand 40% of air travel has died. It will take years for the 2019/2020 levels to return. If we end up with just QF there will still have spare capacity.

[Berealgetreal]

He was on ABC Radio's AM (https://www.abc.net.au/radio/programs/am/virgin-australia-boss-says-$1.4-billion-rescue-loan-critical/12117280) program this morning.

He basically states that the other owner-airlines have been approached but their owners are in the same predicament, thus cannot afford to support Virgin.
Sounds like game over in that case.

[DanV2]

He was on ABC Radio's AM (https://www.abc.net.au/radio/programs/am/virgin-australia-boss-says-$1.4-billion-rescue-loan-critical/12117280) program this morning.

He basically states that the other owner-airlines have been approached but their owners are in the same predicament, thus cannot afford to support Virgin.

Would be interesting if a transcript becomes available.

At least that confirms to the "SQ to the rescue !!!111!" fanboys across the internet that their 'messiah' are basically concentrating on their own survival, and won't have time for VA (if at all).

[longjohn]

When do the creditors call it game over and start thinking about their interests?

Employees are first in line

[wheels_down]

Could they sell Velocity for a billion? They own about 40-50 737s. Can anything be done here.

I mean better off selling stuff than shutting down the entire company?

[Berealgetreal]

When do the creditors call it game over and start thinking about their interests?

Employees are first in line


Am I incorrect in saying Annual Leave, Long Service Leave is preserved but Sick Leave and Frequent Flier points are gone?

Did Tiger and Vanz get paid out redundancies? They might have thought this was a bad outcome at the time but if paid have done well out of it.

[chookcooker]

Am I incorrect in saying Annual Leave, Long Service Leave is preserved but Sick Leave and Frequent Flier points are gone?

Did Tiger and Vanz get paid out redundancies? They might have thought this was a bad outcome at the time but if paid have done well out of it.
Redundancy guaranteed by government as well as LSL and annual leave

[Icarus2001]

...pay out will be on the 17th they say. Has anyone worked out what around 230 pilots redundancy and leave payouts will amount to?

[Berealgetreal]

Vanz and Tiger Pilots will be better off than Vaa in the end. You don’t get a redundancy payment if the place folds.

[The Bullwinkle]

Vanz and Tiger Pilots will be better off than Vaa in the end. You don’t get a redundancy payment if the place folds.
Are you sure?

[chookcooker]

Vanz and Tiger Pilots will be better off than Vaa in the end. You don’t get a redundancy payment if the place folds.


for the 10th time this thread:

https://www.ag.gov.au/industrial-relations/fair-entitlements-guarantee/Pages/default.aspx

[Buster Hyman]

Employees are first in line
Like the Ansett staff were? :hmm:

[The Bullwinkle]

Like the Ansett staff were? :hmm:
I believe that things have changed since then.
See Chookcookers link.

[Berealgetreal]

Thanks haven’t read much of the thread.