Singapore Democrats
Singapore Airlines has asked its employees to go on no-pay leave, take wage cuts or work shorter weeks. This comes as the airline reports losses for the year as the economic crisis bites in. SIA has also pushed back delivery of its A380 Airbus to stem the losses.
Up to one-quarter of its cabin crew have been asked to take no-pay leave, some for as long as to two years. Employees are also suffering wage cuts of up to 20 percent as well as working shorter weeks.
Singapore Airlines takes measure to weather financial storm
XinhuaOne in four of its cabin crew has opted for voluntary no-pay leave, as Singapore Airlines (SIA) takes action to ride out the financial storm, local media reported on Friday.
This works out to about 1,800 out of 7,400 of cabin crew, who have taken up the scheme to go on anything from one week to two years of no-pay leave, as SIA trims excess manpower, local newspaper The Straits Times said.
Many who took it up have asked for periods of up to one month.
The airline reported a 307 million Singapore dollars (214.69 million U.S. dollars) loss for the April to June quarter, the second time it has suffered a loss since the company went public in 1984.
This initiative, coupled with other measures, such as a shorter working month and pay cuts of up to 20 percent, is expected to save for the airline an estimated 60 million Singapore dollars (41.96 million U.S. dollars) in the current financial year.
http://news.xinhuanet.com/english/2009-09/04/content_11995314.htm
Singapore Airlines, Airbus push back A380 delivery
Trading markets.comSingapore Airlines (SIA) said on Thursday that it has agreed with aircraft maker Airbus on a revised delivery schedule for eight A380 aircraft on firm order.
The airlines said in a statement that under the new schedule, deliveries will take place between six months and 12 months later than originally planned, for the airline’s 12th A380 through to the 19th.
The revised schedule will see the 12th aircraft delivered in October 2010 rather than April 2010, while the 19th aircraft will be delivered in January 2012 rather than January 2011.
SIA currently operates nine A380s with two more due for delivery this financial year. The airlines said that the revised schedule will not affect these two aircraft.
The airlines started the inaugural A380 service on the Singapore-Sydney route nearly two years ago. SIA currently flies the A380 twice a day to London, and daily to Sydney, Tokyo, Paris and China’s Hong Kong, and starting from Sept. 29 to Melbourne as well.
http://www.tradingmarkets.com/.site/news/Stock%20News/2510819/