VS has now announced a pay freeze across the board.
Jan. 26 (Bloomberg) -- Virgin Atlantic Airways Ltd., the trans-Atlantic carrier controlled by billionaire Richard Branson, said it will introduce a pay freeze for its staff to help it weather the slowdown in demand for air travel.
The pay freeze will start in March, the Crawley, England-based company said today in an e-mailed statement. The airline said it expects to make a profit in its current financial year ending in February, after deferring aircraft deliveries and
cutting costs.
Carriers worldwide are struggling with a slump in demand for air travel amid a global recession. The International Air Transport Association estimates airlines will report combined losses of $5.2 billion this year.
“In order to help protect staff from any redundancies, there will be no increase in salaries for everyone working at Virgin Atlantic, from senior directors to ground crews,” the company said.