Sunclass Airlines, part of Petter Stordalen's and venture capital firm Altor's Nordic Leisure Travel Group, is asking its employees to take a 20 percent pay cut. Otherwise, it faces bankruptcy, management warns, writes E24.

Nordic Leisure Travel Group, which consists of Ving in Norway and Sweden, Globetrotter in Sweden, Spies in Denmark, Tjäreborg in Finland, the airline Sunclass Airlines and a number of Vinghotels, will cut their costs by between 20 and 30 percent to tackle the loss of revenue from the corona pandemic. Then there are no sacred cows, and salary is certainly not one of them. On Monday, Sunclass employees forced a vote on how to respond to the cuts – which were presented by management together with the information that they were necessary to implement in order for pilots and cabin crew to keep their jobs.

”"We are all in the same boat – or plane if you will. I am also being asked to take a pay cut. I understand that it is frustrating, but it is something that we have to do for the company to survive," says Lisbeth Nedergaard, communications manager at Sunclass Airlines, to the online newspaper.

According to the communications manager, it is currently not clear whether the cuts will also affect group management.

”"Negotiations are ongoing. The managers are employed on individual contracts. Their salaries are set according to practice and in relation to their respective areas of responsibility," she says.

In addition to the pay cut, staff have been asked to agree to a number of other reductions, including a 20 percent cut in compensation for transport allowances, taxis and parking, and the so-called free weekends for the winter of 2020/2021 being completely withdrawn, among other things.

Sunclass Airlines has around 1,200 employees.

Negotiations on the proposed cost-cutting measures are ongoing.

Source:di.se