China Eastern Airlines, the country's third-largest carrier, plans to cut executive salaries to fight the fallout from the economic downturn but details have not been finalized, an official with the carrier told Shanghai Daily yesterday.
The reductions will probably range between 10 percent and 30 percent and will last for one year and involve department managers and above, a source quoted by the National Business Daily said yesterday.
The carrier is also encouraging staff to take holidays.
The parent of the Shanghai-based carrier has secured a 7-billion-yuan injection from the central government to repay its banking loans and replenish working capital.
(Shanghai Daily January 8, 2009)
