South Korea’s flag carrier Korean Air has instructed more than 70% of its employees to take paid leave, at a reduced rate, for six months from April 16 until October 15.
It’s an attempt to overcome the worsening business environment caused by the outbreak of the coronavirus, according to a company statement.
Korean Air said that the leave would apply to employees working in South Korea and cover most workers except a very few considered “essential.”
The Korean Air labor union agreed to join the burden-sharing effort so the company can resume normal business management as soon as possible.
The company’s executives had already decided to take pay cuts of 30% to 50% starting from April until business returns to normal.
“In addition to sales of idle assets as previously announced, the company plans to further strengthen its financial condition by expanding capital assets through consultations with the board of directors,” the statement said.
