Korean Air has confirmed that all its
executives will forgo part of their salaries in response to the
worsening business environment due to the COVID19 virus outbreak.
Salaries of its
executive vice presidents and above will be reduced by 50%, senior
vice presidents by 40%, and managing vice presidents by 30%,
starting from April 2020.
Korean Air also plans to implement other measures
improve its financial structure.
In addition to the previously
sale of idle assets, such as the Songhyeon-dong site,
the airline is now selling other non-core assets as well.
Also, while striving to reduce operation costs,
the airline is exploring how it can boost cargo
operations by utilizing passenger jets as freighters.
An internal emergency response committee and a
special task force team has been established to evaluate and
respond to the current COVID19 crisis.