Big pay cut for Qantas chief

Qantas chief executive Alan Joyce has received a 40 per cent fall in his take-home pay to just over $2 million this year as the airline seeks to freeze wages across the company, the annual report shows.

Despite the magnitude of the bottom-line loss, Qantas shares have rallied since the result last Thursday after Mr Joyce declared the airline was over the worst and forecast a return to pre-tax profitability in the first half of this financial year.

Earlier this year, Qantas sought to put in place a wages freeze across the company after the federal government baulked at its pleas for financial assistance. "A commitment to a wage freeze is effectively a wage cut," a TWU spokesman said.

The release of the pay card for Qantas’ senior executives comes just a week after the airline unveiled a $2. 8 billion annual loss, which included a large write down in the value of its international fleet.

Read more here: SMH


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