After the announcement yesterday that Air Canada would be cutting huge swathes of its flight schedule beginning April 1, it was inevitable that there would be some significant layoffs. The sheer scale, however, is a little mindboggling. The airline has invoked the force majeure provisions of the flight attendant union’s collective agreement to exercise broad…
Continue reading: Air Canada Lays Off 5,100+ Flight Attendants
Share your questions, experiences, and thoughts below.
"Force majeure is often referred to as an “act of God”, though the definition is broader than that, and I’m certainly not prepared to pin this pandemic on any particular deity."
Yep - given that there's zero evidence to support the existence of any deity (extant or otherwise), that's a very reasonable statement!
As a Canadian who immigrated south 30 years ago, I love the Canada-related content you've been posting lately. Keep it up.
honestly, as a Canadian with friends working as AC ground agents, my heart sinks. They will be next, I presume. Canadian economy is much smaller than our neighbor to the south, and the impact will likely be bigger for our companies than theirs, as AC and WS may not tank hits as well as DL or AA. Let's hope they survive this instead of getting eaten alive by the big 3 down there after everything is over.
Canadian dollar vs US has also tanked in the last month, $0.74 to $0.69. Can't be good for any Canadian business paying in $.
Qantas and Air Canada have a similar number of employees - 30,000.
Qantas have laid off 20,000 employees. Air Canada 5,100.
I would expect many more will be laid off by Air Canada.
Qantas has a similar workforce and they have laided off 25000 employees and flights are down to 10 a day between melbourne to launceston cancelling the majority of domestic.
Economists and financial analysts refer to such a 'once in a lifetime' catastrophe as a "Black Swan"
''What do the compensation packages for the CEO and VPs look like ?''
According to the Air Canada investors Proxy Circular for 2018:
(Including Salary + Shares + Options + Incentives + Pension)
- President and CEO: $11,551,850 CAD (Exercised options in August 2019 for a $52.7M payday)
- CFO: $4,137,300
- CCO: $2,260,100
- VP Operations: $1,767,244
- Chief Legal Officer: $1,584,200
On the bright side, did you see that aeroplan/air canada are giving extra eupgrade credits and also saying they will do something to help with status qualification for next year? ( https://www.aeroplan.com/covid-19.do#/)