Qantas to cut 1,000 jobs, deducts CEO’s salary

Sydney, Dec. 05: Australian airliner Qantas is reportedly going to cut at least 1,000 jobs and deduct the salaries of chief executive Alan Joyce and the airline’s board as part of a cost cutting exercise over the next three years.

The national carrier is trying to achieve cost savings of two billion dollars and will also impose a pay freeze for executives in a bid to secure the group’s future, News.com.au reports.

Qantas said it expects to report a tax loss of between 250 to 300 million dollars in the first quarter of fiscal 2013-14.

According to the report, the trading condition has experienced a marked deterioration in November with passenger loads and yields below the already negative trends for the year till date. (ANI)