Pilots at Portugal’s flag carrier TAP have given the green light to an emergency agreement that includes salary cuts of up to 50%, as the company struggles to survive the economic impacts of the pandemic, according to local news agency Lusa on Saturday.
“The TAP pilots meeting at the Company Assembly approved the Emergency Agreement proposed by the company. Thus they decided to abdicate 50% of their salaries for the recovery of TAP,” the statement reads.
The agreement had already been signed between the union and the company but had to be ratified by pilots.
The emergency agreement affects 1,252 pilots, and includes a reduction in wages of 50% in 2021, 45% in 2022, 40% in 2023 and 35% in 2024.
TAP reported a third-quarter net loss of €119 million and is set to reduce its winter capacity by up to 70% year on year amid the Covid-19 pandemic.