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Hungarian low-cost carrier Wizz Air has warned of 1,000 job cuts and additional employee furloughs as the coronavirus (Covid-19) pandemic continues to affect businesses operations.
The elimination represents a 19% workforce reduction.
The move is part of the company’s cost and liquidity measures to mitigate the financial impact of the outbreak.
In addition to this, the carrier is reducing the remuneration of the chief executive officer, the board of directors and all senior officers by 22% for the whole year of FY21.
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By GlobalDataPilots, cabin crew and office staffs have also taken a 14% pay cut on average.
Wizz Air chief executive József Váradi said: “We have taken various initiatives to protect the position of the company in a controlled manner during the Covid-19 pandemic and are reviewing the competitiveness and allocation of the assets of the company. We are also working to further improve our strategic, cost and cash position in the aftermath of this crisis to ensure we can deliver our long-term growth target.
“Wizz Air undoubtedly remains best placed for long-term value creation in the European aviation industry due to its low-fare – low-cost business model and unique positioning as the market leader in the growing CEE market. The company is expecting to deliver significant shareholder value, environmental benefits and employment opportunities in the years to come.”
Furthermore, Wizz Air will also return 32 older leased aircraft by the end of FY23.
Global coronavirus cases are now close to two million at 1,920,918 while the death toll stands at 119,686.
