Air Malta launches second voluntary redundancy scheme

Air Malta has launched the second voluntary redundancy scheme for its employees with a view to ensure a sustainable future for the airline.

The airline said the scheme should be viewed in the light of the prevailing global financial situation, the severe fluctuations in the price of fuel, the increasing costs and the resultant financial pressures it was facing.

The scheme will be launched on Monday and will remain open for three months up to the end of February next year.

The offer is open to employees having a minimum of seven years permanent employment with the airline and eligible employees can choose between two schemes.

Employees opting for Scheme A will be paid one month basic wage per year of paid employment or 65 per cent of their remaining basic wage up to the retirement age applicable to them at the closing date for the receipt of applications for the scheme, whichever is the lower and up to a maximum of €58,235.

Those choosing Scheme B, who would be 58 years of age and over next February 28, will be paid as follows:

• Minimum seven years but less than 10 years paid employment - a sum equivalent to one year basic wage or their basic wage up to the retirement age, whichever is the lower;

• more than 10 years but less than 20 years paid employment - a sum equivalent to 1.5 years basic wage or their basic wage up to the retirement age, whichever is the lower;

• over 20 years paid employment - a sum equivalent to two years basic wage or their basic wage up to the retirement, whichever is the lower.

The scheme is identical to the first one launched in 2006 from which 160 employees had benefited.