TAP confirms reduction to 20% for planned pay cuts

Portugal’s national flag carrier, TAP, announced today that it is going ahead with a reduction of 20% for temporary pay cuts for all employees (not 25% as previously stated), as well as increasing the amount below which no cuts are applied. A message from the company’s board of executives says the airline’s financial performance is “above restructuring plan projections”, and due to the increase in the national minimum wage it has also been decided to update the salaries that escape cuts to those below €1,520 per month. The message is that “TAP is on the right path to recovery” as the government prepares to reprivatise the airline.