German flag carrier Lufthansa airline announced on Thursday that it plans to axe 26,000 jobs as the airline expects noting but a slow recovery within the industry.
Lufthansa said that it would operate 100 fewer aircraft following the effect of coronavirus pandemic which has led to an excess of 22,000 full-time staff or 26,000 employees, within Lufthansa Group.
Half of the total job losses will fall on staff in Germany while the other half goes to other countries where the airline operates. It said in a statement.
Like all of its global competitors, Lufthansa was forced to ground nearly all of its fleet for the past couple of months, as coronavirus lockdowns brought the global aviation industry to what we can refer to as a complete standstill.
The recovery in demand in the air transport sector will be slow in the foreseeable future, the airline said on Thursday.
This has witnessed the net losses in the quarter surge to €2.1bn (£1.87bn, $2.3bn), compared with losses of €342m during the same three months in 2019.
The airline warned earlier this month of cost-cutting measures, including job reductions. It had already instructed about 87,000 of its around 137,000 staff to reduce their working hours.
Global air traffic has come to a virtual standstill in recent months. This has impacted our quarterly results to an unprecedented extent; Carsten Spohr, Lufthansa chief executive said.
The airline last month agreed to surrender landing slots at several of its German hubs in order to get approval for a €9bn bailout in Germany, which will see the German government take 20% stake in the airline.
Thousands of jobs linked to the aviation industry are at immediate risk due to the coronavirus crisis.
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I really hope the recovery isn't as slow as predicted...many lives affected already
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