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IAG’s Iberia Unit Plans Steeper Pay Cuts After Talks Fail

April 16 (Bloomberg) -- British Airways parent IAG SA’s Spanish unit Iberia said it will implement deeper wage cuts for staff following the failure of productivity talks.

Pay will be reduced by 18 percent for pilots and cabin crew and 11 percent for groundstaff, in line with a mediation plan, Iberia said in an e-mail. The cuts are 4 percentage points higher than had been offered as part of a negotiated deal.

“There has been no agreement,” the Madrid-based carrier said in response to questions. “Talks finished yesterday, so the cuts will be put into effect.”

Link to Company News:{IAG LN <Equity> CN <GO>}

To contact the editor responsible for this story: Christopher Jasper at cjasper@bloomberg.net

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