THAI staff accept exit packages
Nov 05, 2020
Thai Airways International confirmed this week 4,977 employees had joined the company’s Mutual Separation Plan. They agreed to various options including leave without pay, a 20% off in salary or a settlement that would see them leave the company over the next six months to one year.
THAI acting president, Chansin Treenuchagron, noted that due to heavy operational losses and the impact of the Covid-19 outbreak, THAI underwent a business reorganisation supervised by the bankruptcy court. Over recent months the airline generated cash flow through cargo and repatriation flights and food production, although it was a fraction of what the airline would have generated from passenger transportation prior to the crisis.
THAI offered employees voluntary MSP to reduce corporate expenses and to maintain cash flow as much as possible. The application period ended on 28 October. Resignations will take effect on 1 December. Applicants will receive 20% off from regular salary for six months (1 November 2020-30 April 2021).
Thanks to TTRW
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