Home News Aviation & Engineering

Malaysia's AirAsia founders not taking salary; staff accepts up to 75% pay cut

Reuters
Reuters4/12/2020 04:53 PM GMT+08  • 1 min read
Malaysia's AirAsia founders not taking salary; staff accepts up to 75% pay cut
Tony Fernandes said in an Instagram post that he and Executive Chairman Kamarudin Meranun “will not be taking a salary during this period”, while staff from across the business “have accepted temporary pay reductions of anywhere between 15-75%.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

(Apr 12): The founders of Malaysia’s AirAsia Group Bhd (AIRA.KL) will not take salaries and its staff has agreed to an as much as 75% cut in pay due to the impact of the novel coronavirus outbreak on the airline, its chief executive said late on Saturday.

Tony Fernandes said in an Instagram post that he and Executive Chairman Kamarudin Meranun “will not be taking a salary during this period”, while staff from across the business “have accepted temporary pay reductions of anywhere between 15-75%, depending on seniority, to share the impact this is having on our business”.

The budget airline has no incoming revenue and 96% of its fleet is grounded, Fernandes said.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.