Finnair and flight attendents reach stabilisation agreement to avoid job cuts

Finnair and the Finnish Flight Attendants' Association SLSY reached (16-Sep-09) a fixed-term stabilisation agreement, including a collective employment agreement and other cost-cutting elements for the period 01-Oct-2009 to 31-Dec-2010. Basic salaries will be cut by 5% in the period, collective incentive bonuses set for 2009 will not be paid, and an agreed general increase in pay will be postponed for implementation after the agreement expires. The agreement covers a EUR12.3 million cost-cutting target for 2009. The cost-cutting target is part of a previously announced cost-cutting programme. The agreement contains a pay-back model based on the Group results for 2010 and 2011. [more]