All Korean Air executives to take salary reduction

posted on 25th March 2020 by Eddie Saunders
All Korean Air executives to take salary reduction

All Korean Air executives will forgo part of their salaries in response to the worsening business environment due to the COVID-19 virus outbreak.

Korean Air announced that salaries of its executive vice presidents and above will be reduced by 50%, senior vice presidents by 40%, and managing vice presidents by 30%, starting from April.

Korean Air will also take other self-rescue measures to improve its financial structure. In addition to the previously announced sale of idle assets, such as the Songhyeon-dong site, the airline will actively seek to raise funds by selling other non-core assets. 

An internal emergency response committee and a special task force team has been established to evaluate and respond to the current crisis caused by COVID-19. 

Also, while striving to reduce operation costs, the airline is proactively exploring business opportunities such as boosting cargo operations by utilizing passenger jets as freighters.