webfact Posted February 25, 2020 Share Posted February 25, 2020 Temporary salary cut for THAI boss, top execs By THE NATION THAI president Sumeth Damrongchaitham Thai Airways International (THAI) will announce a reduction in salaries and other perks of between 15 and 25 per cent for executives from president down to trim costs following the impact from the novel coronavirus outbreak. THAI president Sumeth Damrongchaitham said the cut would take effect from March 1 and last for six months. The national flag carrier has felt the pinch of the outbreak, which has resulted in a decline in passenger numbers. It has also reduced its flights on many routes, including those to China and Japan. This situation has prompted the carrier to cut costs. The salaries of those in the executive vice president level will be slashed by 20 per cent and their travelling expenses cut by 30 per cent. Vice presidents will see their salaries cut by 15 per cent and travelling expenses by 20 per cent. The president’s salary will be cut most, Sumeth said. The carrier will launch additional measures if the situation does not improve after six months, he added. Source: https://www.nationthailand.com/business/30382821 -- © Copyright The Nation Thailand 2020-02-26 Follow Thaivisa on LINE for breaking Thailand news and visa info Link to comment Share on other sites More sharing options...
Popular Post PatOngo Posted February 25, 2020 Popular Post Share Posted February 25, 2020 Khun Sumeth, you mean Thai Airways still actually pay you a salary??? You'd have to be the luckiest man in Thailand! 2 2 4 Link to comment Share on other sites More sharing options...
Popular Post moojar Posted February 26, 2020 Popular Post Share Posted February 26, 2020 Thai are exclusively flying 747 to Sydney with an average age of almost 21 years. Knowing how well maintenance is conducted in Thailand overall, I am happily flying other airlines until TG replace the 747 with something built, oh, this century. The way Thai are going though, I think I'll be racking up lots of Qantas frequent flyer points! 2 1 Link to comment Share on other sites More sharing options...
BobbyL Posted February 26, 2020 Share Posted February 26, 2020 The national flag carrier has felt the pinch of the outbreak I would say it has also felt the pinch for about the last half a dozen years. 2 Link to comment Share on other sites More sharing options...
steven100 Posted February 26, 2020 Share Posted February 26, 2020 these cuts don't go far enough .... this airline is losing billions of baht year after year. They will go belly up real soon ... 2 Link to comment Share on other sites More sharing options...
mtls2005 Posted February 26, 2020 Share Posted February 26, 2020 3 minutes ago, steven100 said: They will go belly up real soon ... The powers that be will NEVER allow THAI to fold. The loss of face would be immense. The Minsitry of Finance is the majority shareholder. Total debt (owned no doubt by local banks) is estimated at 240 billion baht. Each Board of Director member (15 in total) make ~ 1 million baht per year for attending meetings. Sweet gig, considering its just one of hundreds of "boards" available. See pg 76 - 2018 Annual report... http://thai.listedcompany.com/misc/ar/20190409-thai-ar2018-en.pdf 1 Link to comment Share on other sites More sharing options...
Popular Post 30la Posted February 26, 2020 Popular Post Share Posted February 26, 2020 4 hours ago, webfact said: The salaries of those in the executive vice president level will be slashed by 20 per cent and their travelling expenses cut by 30 per cent. It will be difficult to survive for these people ....???? 3 Link to comment Share on other sites More sharing options...
steven100 Posted February 26, 2020 Share Posted February 26, 2020 10 minutes ago, mtls2005 said: The powers that be will NEVER allow THAI to fold. The loss of face would be immense. The Minsitry of Finance is the majority shareholder. Total debt (owned no doubt by local banks) is estimated at 240 billion baht. Each Board of Director member (15 in total) make ~ 1 million baht per year for attending meetings. Sweet gig, considering its just one of hundreds of "boards" available. See pg 76 - 2018 Annual report... http://thai.listedcompany.com/misc/ar/20190409-thai-ar2018-en.pdf I hear ya ... but no one is using TG or very few especially from Thailand. I think they will have a pretty rough ride through 2020. No company can survive on face alone. Link to comment Share on other sites More sharing options...
neeray Posted February 26, 2020 Share Posted February 26, 2020 I don't read anything about curtailing those complimentary seats. Turn them into revenue generating and there's some more savings. Link to comment Share on other sites More sharing options...
Popular Post DannyCarlton Posted February 26, 2020 Popular Post Share Posted February 26, 2020 20 minutes ago, steven100 said: No company can survive on face alone. No. They survive on government bail out's. Please have sympathy for the sons of these impoverished directors who have had orders for their new Ferraris put on hold. 3 Link to comment Share on other sites More sharing options...
Popular Post DannyCarlton Posted February 26, 2020 Popular Post Share Posted February 26, 2020 (edited) 6 minutes ago, neeray said: I don't read anything about curtailing those complimentary seats. Turn them into revenue generating and there's some more savings. Do that and you remove Thai Airways raison d'etre. That and ensuring a plentiful supply of mia nois for the guy in the big house. It's there to provide a service for the Thai elite. A not for profit organisation. Edited February 26, 2020 by DannyCarlton 2 2 Link to comment Share on other sites More sharing options...
RichardColeman Posted February 26, 2020 Share Posted February 26, 2020 5 hours ago, webfact said: The salaries of those in the executive vice president level will be slashed by 20 per cent and their travelling expenses cut by 30 per cent. Vice presidents will see their salaries cut by 15 per cent and travelling expenses by 20 per cent. Have to laugh at the cutting travelling expenses bit in an apparent travel ban climate 1 Link to comment Share on other sites More sharing options...
Stargeezr Posted February 26, 2020 Share Posted February 26, 2020 I do not see many airlines that are expecting to have a good year for 2020. In fact it would not surprise me to hear of routes being cancelled, and other routes only available 3 days per week, instead of 7 days per week. The China based airlines must be suffering a lot as well. Geezer 1 Link to comment Share on other sites More sharing options...
mtls2005 Posted February 26, 2020 Share Posted February 26, 2020 4 minutes ago, Stargrazer9889 said: I do not see many airlines that are expecting to have a good year for 2020. In fact it would not surprise me to hear of routes being cancelled, and other routes only available 3 days per week, instead of 7 days per week. The China based airlines must be suffering a lot as well. Geezer THAI (TG) have already announced significant cuts in service, as have most other airlines. Service cuts do limit expenses a bit but leave many other issues, like staffing and servicing debt. One assumes staff will have to be temporarily furlowed (forced vacation, no pay) with line staff suffering first. Pilots will be unhappy at some point but what can they do? Not too many people "want" to fly these days. Not so much worried about CV19, but rather getting stuck somewhere for an extended period of time. Link to comment Share on other sites More sharing options...
justin case Posted February 26, 2020 Share Posted February 26, 2020 wow... good business when you are elite sit and get paid your weight in gold Link to comment Share on other sites More sharing options...
holy cow cm Posted February 26, 2020 Share Posted February 26, 2020 Since it is already subsidized by the government, then how about all the un-naturally rich generals and crony associates put up their money as well as stop all the BS buying of subs and military hardware to make this an airline that Thailand should be proud of. Cut all the free seats to these self non deserving elites and military guys, stop all the high speed rail endeavor fat headed BS bending over the top to this countries future owners the Chinese, and stop unnecessary spending Thailand's money, the citizens money that they believe it is their right to deplete. Stop the eating from the trough and be honest and make this airline great again. Make Thai airways Great Again. Link to comment Share on other sites More sharing options...
Cake Monster Posted February 26, 2020 Share Posted February 26, 2020 4 hours ago, steven100 said: these cuts don't go far enough .... this airline is losing billions of baht year after year. They will go belly up real soon ... Its probably why they are flying all those old 747 Aircraft. Its difficult to borrow money to buy / lease new when your accounts are rubbish. Link to comment Share on other sites More sharing options...
sammieuk1 Posted February 26, 2020 Share Posted February 26, 2020 I needed a quick flights out last week and of course Thai Airways were the most expensive by a mile ended up saving 40% over them whilst they lost 100% again???? Link to comment Share on other sites More sharing options...
Scot123 Posted February 26, 2020 Share Posted February 26, 2020 I stopped flying all Thai run aircrafts after the tyres were bursting on landing, a sure sign of poor maintenance especially when they painted the logo out on the tail and refused an external audit. I used the train for all my trips to and from BKk and now the trains are crashing head on..... Lol Link to comment Share on other sites More sharing options...
Sydebolle Posted February 26, 2020 Share Posted February 26, 2020 I find left-behind TG aircrafts all over Thailand in amusement and entertainment parks from Bangkok up to Nong Khai in its "Chic Chic Market". Landing last Saturday at U-Tapao I saw quite a few decommissioned TG aircraft, livery removed but the tail's purple still gives it away. The "boneyard" in the Mojawe desert (US) has parked up hundreds of decommissioned aircrafts, of which quite a few still show the full TG livery. Maybe some professionalism in fleet planning and shopping around for the best deal would have saved this airlines many many billions of Thai Baht. But as the Ministry of Finance sits on the majority of shares I cannot get rid of the feeling that Thai is nothing but a big self-service supermarket with no cashier to pay on the way out ......... Link to comment Share on other sites More sharing options...
ParkerN Posted February 26, 2020 Share Posted February 26, 2020 10 hours ago, Scot123 said: I stopped flying all Thai run aircrafts after the tyres were bursting on landing, a sure sign of poor maintenance especially when they painted the logo out on the tail and refused an external audit. I used the train for all my trips to and from BKk and now the trains are crashing head on..... Lol Welcome to Thailand. Disasters pre-baked in. Link to comment Share on other sites More sharing options...
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