JAL to Deepen Pay Cuts: Financially ailing...
From Times Staff and Wire Reports
JAL to Deepen Pay Cuts: Financially ailing Japan Airlines said it is adding to the deeper cuts for its 36 full-time executives. The carrier, which announced in January that it would cut 5,000 jobs over the next four years, said the executive pay cuts--effective April 1--show JAL’s determination to share the airline’s difficulties with its 22,000 employees. A company statement said pay cuts for JAL’s chairman and president will be widened to 30% from the current 20%, and those of other executives will be expanded by five percentage points, to levels ranging from 13% to 25%. The airline suffered a pretax loss of $512 million in fiscal 1992 and is expected to suffer a $286-million loss in fiscal 1993, which ends March 31.
