Thai Airways Execs Forgo Cola Pay
Jan. 08, 1998
BANGKOK, Thailand (AP) _ The top 30 executives of Thai Airways International eliminated their cost-of-living allowances to cut expenses amid the current economic crisis.
The airline said in a statement Thursday that the allowances would be scrapped as of this month, but an airline spokeswoman said no figure on the precise amount of money was available.
``It's an act to show the staff of Thai that the management are willing to cut their own allowances,'' the spokeswoman said. ``This is a goodwill thing they are doing for staff.''
The cuts involve Thai's president, executive vice presidents, senior vice presidents and vice presidents.
The state-controlled carrier recently eliminated routine meals on domestic flights outside regular mealtimes, opting to serve only beverages, as a way to save money.
Thailand is undergoing its worst financial crisis in modern times and companies like Thai, with large international dealings, have been hit hardest by the depreciation of the local currency, the baht, by more than 50 percent since mid-1997.