Sunday, December 5, 2021

Qantas signals voluntary redundancies to fill up losses due to covid

Hundreds of Qantas international crew will be offered voluntary redundancies as the airline reveals COVID-19 will blow a $16 billion hole in its bottom line.
In an update to shareholders, Qantas said it forecasts a statutory loss before tax of more than $2 billion just this financial year.
As part of the airline’s COVID-19 recovery program, Qantas said it will run an “expression of interest program” for international cabin crew to register for the voluntary redundancies.
Qantas said it expects the program will generate “several hundred applications”.
The airline said that of the 22,000 jobs across the entire Qantas Group, 16,000 were currently working in some capacity.
That includes all corporate employees, all domestic crew and “some” international crew.
Qantas will also introduce a two-year wage freeze on the next round of enterprise agreements, with two per cent annual increases locked in annually after that.
Despite the cost-cutting measures, Qantas Group CEO Alan Joyce said domestic travel is beginning to return to pre-COVID levels.
“We have a long way still to go in this recovery, but it does feel like we’re slowly starting to turn the corner,” Mr Joyce said.
“It’s great to see so many of our people now back at work and the majority of our fleet back in the air.
“Our recovery strategy of targeting cash-positive flying rather than pre-COVID margins is helping increase activity levels and repair our balance sheet.”
Mr Joyce also implored the government to open international borders once the vaccine rollout is complete.
“We’ve adjusted our expectations for when international borders will start opening based on the government’s new timeline, but our fundamental assumption remains the same – that once the national vaccine rollout is effectively complete, Australia can and should open up,” Mr Joyce said.
“That’s why we have aligned the date for international flights restarting in earnest with a successful vaccination program.
“Australia has to put the same intensity into the vaccine rollout as we’ve put on lockdowns and restrictions, because only then will we have the confidence to open up.”

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