Source: Lloyd List
Hapag-Lloyd has confirmed an internal announcement of an across-the-board pay cut of at least 5% for all staff worldwide, including seafarers, with senior employees facing a 20% reduction in salary.
While most top shipping operators keep their remuneration policies under wraps, sources familiar with the maritime labour market were not aware of any other big name operator which has adopted a similar policy.
However, Hapag-Lloyd indicated today that its hand has effectively been forced, as taking an axe to payroll and other costs is a condition of the €1.2bn ($1.8bn) in loan guarantees it is getting from the German government.
HAPAG-LLOYD has announced internally an across the board pay cut of at least 5% for all staff worldwide including seafarers, with senior employees facing a 20% reduction in salary, the company has confirmed.
In Germany, Hapag-Lloyd staff have already agreed to a scheme, which will see salaries cut by 5% for those employed under the collective wage agreement and 7.5%-plus for those on individual contracts.
A spokesman said: “We all have to contribute. It is 20% for the board, 15% for the managing directors, 10% for senior directors, 7.5% for what we call level four, which is middle management, and 5% for the rest of the staff.”
It has already been announced that there will be no end of year bonus this year, and that pay will be frozen in 2010.
Hapag-Lloyd has confirmed an internal announcement of an across-the-board pay cut of at least 5% for all staff worldwide, including seafarers, with senior employees facing a 20% reduction in salary.
While most top shipping operators keep their remuneration policies under wraps, sources familiar with the maritime labour market were not aware of any other big name operator which has adopted a similar policy.
However, Hapag-Lloyd indicated today that its hand has effectively been forced, as taking an axe to payroll and other costs is a condition of the €1.2bn ($1.8bn) in loan guarantees it is getting from the German government.
HAPAG-LLOYD has announced internally an across the board pay cut of at least 5% for all staff worldwide including seafarers, with senior employees facing a 20% reduction in salary, the company has confirmed.
In Germany, Hapag-Lloyd staff have already agreed to a scheme, which will see salaries cut by 5% for those employed under the collective wage agreement and 7.5%-plus for those on individual contracts.
A spokesman said: “We all have to contribute. It is 20% for the board, 15% for the managing directors, 10% for senior directors, 7.5% for what we call level four, which is middle management, and 5% for the rest of the staff.”
It has already been announced that there will be no end of year bonus this year, and that pay will be frozen in 2010.
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