Ryanair is freezing the pay of its senior management for 2008 as part of a series of cost cutting measures to fight rising oil prices.
The airline confirmed that it is reviewing all of its major costs including airports, staffing, fuel and currency exposures and said this cost reduction programme will continue over the coming weeks.
Ryanair’s Michael O’Leary said: “Given the enormous increase in our fuel costs, and the likelihood that profits over the coming year may fall, it is appropriate that Ryanair’s senior management lead this cost reduction programme by example, with a pay freeze in 2008.
“None of Ryanair’s senior management team (comprising of over 30 individuals) will receive any pay increase this year unless the current high oil prices fall, and until we can see some prospect of profits being increased.â€
By Bev Fearis
