Scandinavian airline SAS is to start implementing a plan to cut 800 jobs, reduce wages and sell off assets in order to reduce costs by 3 billion kroner a year until 2015.
The strategy, dubbed 4Excellence Next Generation, will see 800 layoffs in the administrative branch and dramatic wage cuts for existing employees.
Apart from an average 12 per cent wage and pension cuts, SAS employees will have to work longer hours for less pay.
According to SAS’ managing director Rickard Gustafson the measures are a last remedy to the ailing company.
"This is our 'final call', if SAS is to continue", Gustafson said. "I realise that we're asking much from our employees, but there is no other way", he added.
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