The new national carrier of Switzerland has convinced pilots to take one third pay cut...
Crossair has managed to persuade the Swissair Group pilots to take a 35 percent pay cut by the end of the month when the new Swiss flag carrier starts operating.
Europe's largest regional airline is taking over 52 aircraft from Swissair after a bailout funded by the government and Switzerland's biggest companies. Crossair will offer a similar deal to its own pilots.
The investors committed 4.2 billion Swiss francs ($2.5 billion) to the project on condition the new airline is built on Crossair's lower cost structure. Swissair pilots are among the best paid, with annual salaries exceeding 200,000 francs.