The airline announced last month it would cut about 16,500 jobs as part of a cost reduction program due to the COVID-19 pandemic and imposition of global travel restrictions.
Air Canada says that depending on wage levels, many employees will receive more under the Canada Emergency Wage Subsidy program than they would from employment insurance plus they will maintain their health insurance and other benefits. The airline has reduced its seat capacity by 85 to 90 per cent due the pandemic crisis and says any near-term recovery is will rely on the lifting of domestic and international travel restrictions and return of passenger traffic.
In addition to the temporary workforce reductions, Air Canada announced that chief executive Calin Rovinescu and chief financial officer Michael Rousseau have agreed to forgo their salary. Senior executives will also forgo between 25 and 50 per cent of their salaries while members of Air Canada's board have agreed to a 25 per cent reduction. All other Air Canada managers will have their salaries reduced 10 per cent for the second quarter.
I thought publicly traded companies were exempt from the wage subsidy?
The CEO of Air Canada made $11.5 million in 2018, up from 9 million the year before. And Air Canada's revenue was 19 BILLION in 2019. But sure, they need taxpayer money to pay the workers they take advantage of.
Hi to all, Simeone know whe is Open the Canadian frontier.
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