Ryanair Freeze Management Pay

Low-cost airline Ryanair have frozen the pay of all senior management after oil prices continued to rise.

Management pay is to be frozen for 2008 amongst other cost-cutting measures that are being put into place to counteract the rising cost of oil. The areas that are currently being looked into are airport, staff and currency costs which will be cut down to maintain profit.

The chief of Ryanair Michael O’Leary said "Given the enormous increase in our fuel costs, and the likelihood that profits over the coming year may fall, it is appropriate that Ryanair’s senior management lead this cost reduction programme by example, with a pay freeze in 2008. None of Ryanair’s senior management team (comprising of over 30 individuals) will receive any pay increase this year unless the current high oil prices fall, and until we can see some prospect of profits being increased.”

Published by: Jon Vickery