THAI executives adopt 10% pay cuts to ease sustained loss.
Contents of a new Thai Airways International is now cutting cost to ease its heavy operation loss again in the third quarter, starting with salary cuts of its executives by 10%.The measure came after THAI suffered sustained heavy losses of over 18 billion baht in the last three quarter.The national flag carrier yesterday announced turnover results for its 3rd quarter operations which indicated losses in excess of 9.9 billion baht. Adding all three quarters turnover results reveal a total net loss of 18 billion baht for the entire year. The company was however continuing in its efforts to stop the massive hemorrhage by implementing reforms to cut costs and increase earnings. Yesterday the deputy director of THAI signed an order whereby all eight executive vice presidents would have to take a 10% pay cut. This reduction in wages also applies to the deputy director himself. The executive however admitted that so far they have only been able to trim 7 – 8 billion baht which is lower that the desired target of 10 billion baht.