By Adriano Marchese
Ryanair Holdings PLC said Wednesday that it has come to an agreement with the UNITE union on pay reductions of between 5% and 10% for its U.K. cabin crews.
The budget airline said the agreement is for a four-year period, and that over that time, the pay reductions are expected be restored. The company said the negotiations also included productivity improvements.
"This agreement gives Ryanair a framework to flex its operation during the Covid-19 crisis and a pathway to recovery when the business returns to normal in the years ahead," the company said.
Last week, Ryanair's U.K. pilots accepted a similar deal, in which they accepted 20% pay cuts as well as productivity improvements.
The airline expects to carry 50% less traffic at significantly lower fares for the foreseeable future.
Write to Adriano Marchese at adriano.marchese@wsj.com