Pay freeze and layoffs key to Iberia's Director Plan

Iberia, as expected, unveiled its three-year Director Plan aimed at increasing productivity and revenues while reducing costs, largely through a combination of layoffs, outsourcing and automation. The plan also calls for a three-year wage freeze, "linking payroll increases to results." A profit improvement target was not presented, but a target of €600 million ($726 million) has been reported previously (ATWOnline, Oct. 3). On the revenue side, the company aims to build its long-haul ...