Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Some 341 employees of Austrian Airlines have given notice of their termination of employment by 1 July 2012. The 120 pilots and 221 flight attendants made use of a so-called 'privileged self-termination' by which they receive high severance payments worth up to 35 monthly wages (up to EUR 550,000).
The background of the employees' step is that the Austrian management has decided to transfer its operations to its own subsidiary Tyrolean Airways as part of a large cost saving programme in order to get rid of the flying crew's expensive collective agreements. Thus, especially those flying crew members who have been working for the airline for a long time would have been affected by substantial wage cuts of about 25%.
The extent of ‘privileged self-determination' has led to staff shortages. In order to deal with these, 120 former 'first officers' (co-pilots) will now become pilots and new staff members (both pilots and flight attendants) will be hired in 2013, according to management. Several flights will be outsourced to Lufthansa and its subsidiaries Swiss, Augsburg Airways and Welcome Air, in order to be able to keep up the flying schedule.
Eurofound (2012), Austrian Airlines, Internal restructuring in Austria, factsheet number 73697, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/73697.
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