Ryanair slashes pay by 50% across the board

The airline is currently only operating less than 20 flights a day, compared with a usual schedule of more than 2,500, while the Covid-19 pandemic sweeps across the world.

It expects most of the fleet to be grounded at least until May.

Ryanair has also suspended share buybacks, frozen recruitment and discretionary spending, and cut all pay by 50% for April and May, including of senior management.

In a trading update released on 3 April, Ryanair said its profit after tax will be at the low end of previous reports at between €950 million and €1,000 million.

This comes as Ryanair’s passenger number has declined by 48% in March from 10.9 million last year to 5.7 million.

“Ryanair Group Airlines continue to work with EU governments to maintain minimum flight links for emergency reasons, and to operate rescue and medical flights when requested to do so,” a statement said.

“Ryanair continues to operate occasional currency flights to ensure that its pilots and aircraft are ready for a return to service when this Covid-19 crisis passes, as it inevitably will.”