UPDATE 3-Panama, Colombia ban international flights as LATAM Airlines halves wages [Reuters]
LATAM Airlines Group S.A. American Depositary Shares (each representing two thousand (2,000) shares of) (LTM)
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latamairlinesgroup.net
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Source: Reuters
Latin America's largest airline to halve pay for its 43,000 employees (Reuters) - LATAM Airlines Group ( LTM.SN ), South America’s largest carrier, will cut pay to its 43,000-strong workforce by 50% for three months due to economic fallout from the coronavirus outbreak, a source close to the situation told Reuters on Thursday. The pay cuts will affect employees worldwide, but LATAM’s operations are concentrated in Chile and Brazil. The company’s incoming chief executive, Roberto Alvo, will also forego his entire salary, the source said. He assumes his position April 1. The pay cuts were expected to be announced later on Thursday. Also on Thursday, Brazil’s largest domestic carrier Gol Linhas Aereas Inteligentes ( GOLL4.SA ) said it will cut worker pay by 35%, and executive pay by 40% for three months “initially.” The paycuts in the industry come amid an unprecedented crisis. LATAM has said it will cut 70% of its flights as countries in Latin America have shut down their borders to
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