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Monday, January 4, 2010

JAL got 2/3 of employee to OK pension cut

According to Reuters, Japan Airlines has received 2/3 of employees' approval for the proposed pension cut. But only 3000 retired employees has agreed to the cut so far, with 6000 remaining retirees undecided. So JAL will need 3000 more retireed employees' approval. Without the pension cut, JAL won't be able to redeuce the 331 billion yen pension shortfall, and therefore might not get the ETIC help. The deadline for retirees to return their vote is January 12 2010, so there's around a week left. One hurdle cleared, but one more to go.

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