Icelandair is operating only 14 percent of its flights and capacity is expected to decline further in the coming weeks. The company is therefore taking further measures, including the layoff of 240 employees and a temporary 20 percent pay cut for all full-time employees.

Icelandair further states that 92 percent of employees will temporarily transition to part-time employment.

For managers, salaries will be reduced by 25 percent and for the CEO and board, remuneration will be cut by 30 percent.

The financial effects of the corona pandemic remain uncertain, the company writes in a press release.

Source: finwire