Ryanair is halving pay across the board for two months as it continues to grapple with the Covid-19 crisis. Group chief executive Michael O’Leary told the Financial Times on Friday that it was cutting pay by 50 per cent for all staff, including himself, for April and May. Mr O’Leary told the newspaper that Ryanair’s priority was to preserve cash for “three, six, nine maybe even 12 months” to survive. Ryanair has cash and cash equivalents of €4 billion along with undrawn credit. Mr O’Leary said Ryanair was waiting to hear details of the Irish and UK governments’ programmes to help workers during the crisis.

Source: The Irish Times March 20, 2020 15:30 UTC