KLM pilots agree to pay cuts to secure bailout for airline
THE HAGUE โ Pilots with Dutch national airline KLM agreed Tuesday to accept pay cuts for as long as the carrier needs a multibillion euro government coronavirus bailout, the pilots union and KLM announced. The package is made up of a 1 billion-euro loan and 2.4 billion euros in guarantees for bank loans. On Saturday, Dutch Finance Minister Wopke Hoekstra said he was halting the state aid because not all of KLM's 30,000 staff had committed to accept pay cuts for the duration of the aid package, expected to be five years. KLM said in a statement Tuesday that the pilot's labor union had joined seven other unions in signing a so-called โcommitment clauseโ on pay cuts. The airline said it is now up to the minister to assess whether KLM has met all the conditions for the bailout package.