THAI execs asked to agree to pay cuts
published : 19 Aug 2019 at 10:54
writer: Thodsapol Hongtong
The Thai Airways International president has asked senior executives to agree to a cut in their salaries and meeting allowances to help the airline survive a financial crisis.
Sumet Damronghcaitham said on Monday that he had requested senior executives to voluntarily take the remuneration cut.
"This is part of measures to cut costs so that Thai Airways can restore its competitiveness in the aviation business," he said.
"The spirit of directors and high-level executives will be a signal to everyone in the organisation that it is high time for us to join forces and do whatever we can to help the organisation through this crisis. What can be sacrificed must be sacrificed," the THAI president said.
He gave an assurance that wages of staff at operational levels would not be affected.
"Cost reductions will not affect service quality," Mr Sumet said.
The Transport Ministry has warned that THAI risks bankruptcy with a total debt of 245.13 billion baht. The plan to buy new planes at a cost of 156 billion baht would make it the most heavily indebted airline.