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

(END) Dow Jones Newswires

July 08, 2020 13:05 ET (17:05 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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