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CAIR: Salary cuts of up to 14%

29/05/2012 13:32
The meeting of the bi-ministerial committee for the new restructuring plan of Cyprus Airways, which provides for salary cuts of up to 14%, is in progress.

In his statements to StockWatch, SIDIKEK-PEO General Secretary, Antonis Neophytou said that the plan provides for savings of €17 million and 247 redundancies.

The escalating cutbacks are as follows:

Monthly earnings of up to €1500 – cuts of 2.5%, from €1501 to €3000 – cuts of 5.5%, from €3001 to €5000 – cuts of 8.5%, from €5001 to €7000 – cuts of 11.5% and from €7000 and up – cuts of 14%.

Its also provides for 10% overall cut in benefits for pilots, 5% in allowances for flight attendants and additional 5% cut in ground staff’s benefits.

The plan reduces rest days by 5 (days) and increases working hours by 1 (hour) a week.

At the same time, the employment conditions for the newcomers will be amended.