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Business performanceLatest NewsEconomics, government & businessHR strategyPay & benefits

BA chief gives up a month’s salary and invites staff to take unpaid leave as losses announced

by Louisa Peacock 26 May 2009
by Louisa Peacock 26 May 2009

British Airways chief executive Willie Walsh will work without pay for a month and has called on staff to consider taking unpaid leave, to counter huge losses announced last week.

On Friday (22 May) the firm announced an operating loss of £220m in its preliminary results to March 2009, compared to a £878m profit in 2008. To save costs during the “bleak trading environment”, Walsh has offered employees the chance to take unpaid leave and increase temporary or part-time working.

He will also forgo his £61,250 monthly salary in July in recognition of the “extremely tough” period the airline faces. The finance director will sacrifice a month’s salary, and management will go without bonuses.

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Walsh, said: “We are offering staff the option of unpaid leave and temporary or permanent part-time working. We are also in talks with our trade unions about pay and productivity changes.”

Walsh added that the results for the year included £78m of redundancy-related costs. About 2,500 people have left the airline since summer 2008. British Airways employes 38,000 staff in the UK.

Louisa Peacock

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