Air France-KLM to axe up to 1,200 jobs

Air France-KLM is to cut as many as 1,200 jobs after weak ticket revenues and dwindling cargo volumes forced a sharp rise in third-quarter losses to €200 million. The Franco-Dutch group unveiled a cost-cutting program of €1.2 billion. The job cuts, which will include some 450 managers, will be through natural attrition and no one will be fired, spokesman Nicolas Petteau promised.

The Group revealed a reduction of €1.2 billion in costs, half of which are to be put into effect this year, and they plan to cut from 1,000 to 1,200 workers through a hiring freeze, retirement, and voluntary departures. Around 450 managers between the ages of 60 and 65 are being encouraged to retire from the company, even though there won’t be any compulsory redundancies.