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.