Air Travel Cyprus Airways’ Employees Agree to Salary Cuts by GTP editing team 1 February 2006 written by GTP editing team 1 February 2006 0 comments Share 0FacebookTwitterLinkedinWhatsappEmail 4 Cyprus’s loss-making national carrier, Cyprus Airways, will shed more than a quarter of its work force this year to save the airline from closure, senior officials said last month. Earlier, labor unions at the state-controlled carrier said they accepted a restructuring proposal calling for some 500 voluntary redundancies among a work force of 1,800 and salary cuts across the board. The redundancies are expected to take effect in March. As well, the state, which owns 70 percent of the Cyprus Airways Group, says it plans to spin off charter subsidiary Eurocypria to create a second, debt-free carrier. Cyprus Airways had announced earlier that it would buy out Eurocypria, which was seen as only a fallback option to safeguard Cyprus’s air slots to major airports. But in the course of deliberations to save the group, it emerged as a viable alternative, second carrier for Cyprus. The overhaul is required for Cyprus to get approval from the European Union to act as a guarantor for a 58-million-pound emergency loan the airline seeks. Follow GTP Headlines on Google News to keep up to date with all the latest on tourism and travel in Greece. Share 0 FacebookTwitterLinkedinWhatsappEmail GTP editing team This is the team byline for GTP. The copyrights for these articles are owned by GTP. They may not be redistributed without the permission of the owner. previous post New Name for World Tourism Organization next post Οδηγία βαρβάρων κατά Ξένιου Διός You may also like Global Air Passenger Demand Reaches Record High in 2024, IATA Reports 5 February 2025 ITA Airways Unveils New Commercial Benefits as it Joins Lufthansa Group 4 February 2025 SKY express: Free Tickets for Children, Teachers on All Santorini-Athens Flights 4 February 2025 AEGEAN May Extend Special Flights to/from Santorini Amid Seismic Activity 4 February 2025 SKY Express: Emergency Flights to/from Santorini on February 3-4 3 February 2025 ITA Airways: North America Flights, New Routes, Fleet & Sustainability 3 February 2025 Leave a Comment Cancel Reply Save my name, email, and website in this browser for the next time I comment. Δ