Daily News Channel
British Airways pilots are being urged to accept a deal under which they will receive shares in the struggling company in return for a pay cut, their union said Thursday. The move will save the company £26 million ($42 million) annually and is the latest measure to help the airline through the economic downturn.
British Airways is asking thousands of its staff to work for free for up to four weeks, spokeswoman Kirsten Millard said Tuesday. In an e-mail to all its staff, the airline offered workers between one and four weeks of unpaid leave — but with the option to work during this period. British Airways employs just more than 40,000 people in the United Kingdom
British Airways posted the airline’s worst annual loss since its privatization in 1987 as its chief executive declared there were "absolutely no signs of recovery" in the industry. The airline slumped from profit to loss in the last financial year. During the year ended March 31, its operating loss swelled to £220 million ($348 million) from a restated profit of £878 million ($1.4 billion) in 2008.