McLaren drivers take pay cut amid cost-cutting measures

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 66%

Singapore Headlines News

Singapore Latest News,Singapore Headlines

McLaren drivers Carlos Sainz and Lando Norris have taken voluntary pay cuts as part of a raft of cost-cutting measures to help the team survive ...

McLaren's Carlos Sainz Jr and Lando Norris have taken voluntary pay cuts amid Formula One's coronavirus crisis. LONDON: McLaren drivers Carlos Sainz and Lando Norris have taken voluntary pay cuts as part of a raft of cost-cutting measures to help the team survive the coronavirus crisis with Formula One in lockdown.

The British-based team will also use the UK government's furlough scheme to guarantee 80 percent of salary for staff up to a maximum of £2,500 a month."The McLaren Group is temporarily furloughing a number of employees as part of wider cost-cutting measures due to the impact of the COVID-19 pandemic on its business," said an official spokesperson for McLaren.

"These measures are focused on protecting jobs in the short-term to ensure our employees return to full-time work as the economy recovers." The opening eight Grand Prixs of the 2020 season have been cancelled or postponed due to the COVID-19 pandemic. There is still hope the season can resume at a later date with F1 CEO Chase Carey optimistically aiming for a calendar of 15-18 races.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in SG

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bournemouth officials take pay cuts, staff temporarily furloughedREUTERS: Bournemouth have furloughed staff while top executives and coaches have taken voluntary pay cuts to help ease the financial impact of the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Apple to stop taking cut of some Amazon video purchases on App StoreREUTERS: Apple Inc said on Wednesday (Apr 1) it would stop taking a cut of some sales for 'qualifying' streaming video services on iPhones and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Bournemouth's Howe first Premier League boss to take pay cut over virusLONDON: Bournemouth's Eddie Howe became the first Premier League manager to take a voluntary pay cut due to the coronavirus on Wednesday (Apr 1). ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Deeper pay cuts for SIA Engineering management to mitigate Covid-19 impactSINGAPORE (THE BUSINESS TIMES) - The management of SIA Engineering Company (SIAEC) are taking deeper pay cuts than previously announced, while its directors have also volunteered a larger reduction in fees as the global coronavirus pandemic continues to ground flights.. Read more at straitstimes.com. It's a sad sight to see so so many of SQ & SCOOT planes parked or laid up at Changi! Never seen such scene before! Heartbreaking SingaporeAir
Source: The Straits Times - 🏆 8. / 63 Read more »

Apple will stop taking cut of some Amazon video purchases on App StoreTo make purchases inside apps on its App Store, Apple requires the use of Apple's own payment systems and takes a commission of between 15% and 30% before passing on the rest to the third-party app developer. Many of Apple's rivals in streaming music and video, such as Netflix Inc and Spotify
Source: YahooSG - 🏆 3. / 71 Read more »

Virgin Money delays branch closures and job cuts due to coronavirus lockdownBritish bank Virgin Money said on Tuesday that it will halt until further notice the planned closure of 52 branches and 500 job losses, as it ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »