CEO of Ryanair Holdings Plc, Michael O’Leary, announced Wednesday that Irish airline has decided to cut 3,500 jobs if it cannot make the decision of staff pay cuts. Earlier, it has lowered more than 250 staff from its office around Europe.
It was also planning to reduce upto 3,000 of its pilots and cabin staff. CEO O’Leary disclosed that the airline has already decided to reduce jobs but currently is in discussion with its pilots and cabin staff to take pay cuts as an alternmative to job losses.
Previously, the British Pilot union of RYAAY said that they will declare on Wednesday whether they support the 20% pay cut decision of management. Union has said that they negotiated with the airline to mitigate the loss of 334 UK pilots jobs. It has planned 20% of best-paid captains and 5% from the lowest-paid flight attendants to minimize the job losses.
Ryanair’s shares had tumbled down 1.82% at $66.34 during the trading session on Tuesday. Irish airline valued at 13.14 billion. It has a day low and high range of 65.75-66.92, respectively. RYAAY has a 52-weeks low range of 44.44 and a 52-weeks high range of 96.79.
Ryanair has moved up 49.28% from its 52-weeks low and moved down -31.46% from its 52-weeks high. Its operating margin is 11.80%, profit margin is 10.40% and gross margin is 41.90%.