Monarch workers accept pay cuts to help secure firm's future
25 September 2014
Monarch employees have all accepted pay cuts of 30% in order to secure the companys future.
The company is currently in discussions with investment firm Greybull Capital, with plans to convert it into a low-cost airline. In a show of support for the firm, it was revealed that all staff members had voted to accept major reductions on pay and terms and conditions.
All areas of the business will be affected by the changes and salaries will be reduced by up to 30%. Employees will also experience changes to working patterns as well as other conditions.
The Monarch board announced that Greybull Capital was the ideal bidder to acquire Monarch from the current shareholders.
Andrew Swaffield, CEO at Monarch, believes that the vote "represents another step forward in our efforts to transform Monarch and the vote signifies a commitment from every member of the Monarch workforce".
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