March 4, 2020 / 9:24 AM / 25 days ago

Israel's El Al executives to take pay cut due to coronavirus impact

JERUSALEM, March 4 (Reuters) - Executives at Israel’s flag carrier El Al are taking a 20% pay cut, an official at the company said on Wednesday, as the airline faces a big drop in revenue due to the global coronavirus outbreak.

The official, who spoke on condition of anonymity, did not say how many people would experience salary cuts, but the Globes financial news website said 15 executives, including the CEO and executive vice presidents, would be affected.

El Al has cut back on many of its flights to Asia and Europe since the coronavirus outbreak and has warned that revenue has taken a hit.

It is already considering laying off 1,000 of its 6,000 employees and the country’s main labour union has asked the government for aid to prevent the downsizing. (Reporting by Ari Rabinovitch; Editing by Tova Cohen and Mark Potter)

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