Hungarian group Wizz Air, one of the biggest low-cost airlines in Europe and the market leader in Romania by number of passengers transported, will lay off 1,000 people, representing 19% of its workforce, to mitigate the financial impact of the new coronavirus (COVID-19) pandemic, says Romania-Insider.com.
“Additional employee furlough measures have also been and will be taken in the short term as necessitated by the travel restrictions due the COVID-19 pandemic,” the company said in a statement. Wizz Air’s traffic in March was down 34% year-on-year and the company is currently operating 3% of its pre-COVID-19 capacity.
Another measure the company has decided is to cut the remuneration of its managers and Board members by 22%. It will also reduce by 14%, on average, the salaries of pilots, cabin crew and office staff.
“We have taken various initiatives to protect the position of the Company in a controlled manner during the COVID-19 pandemic and are reviewing the competitiveness and allocation of the assets of the company. We are also working to further improve our strategic, cost and cash position in the aftermath of this crisis to ensure we can deliver our long-term growth target,” said József Váradi, Wizz Air Chief Executive, in a press release.
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