Ryanair Holdings PLC said Friday that it has reached an agreement with its Irish pilots to accept pay cuts to minimize job losses in the wake of the coronavirus pandemic.
The four-year agreement--accepted by all Irish pilots--includes a 20% pay reduction, restored over four years, along with productivity improvements on rosters, flexible working patterns and annual leave, the low-budget airline said.
The British Airline Pilots Association and Ryanair U.K. pilots earlier this week accepted a similar deal to save jobs, with 20% pay cuts and productivity improvements. Agreements have been signed with the Forsa union for Irish-based cabin crew and UNITE for U.K. crew, accepting 10% pay reductions, fully restored over four years as well as productivity improvements. The cabin crew agreements are currently out to ballot.
"The strength of this acceptance demonstrates the commitment from our pilots in Ireland and the U.K. to work with Ryanair as we work our way through this crisis over the next number of years," Chief Executive Eddie Wilson said.
Shares at 0703 GMT were up 12 European cents (13 U.S. cents), or 1.1%, at EUR11.05.
Write to Joe Hoppe at joseph.hoppe@wsj.com
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