MacroAsia implements no-work, no-pay schedule amid COVID-19

MacroAsia Corp., a company under billionaire Lucio Tan, is implementing a rotating voluntary no-work, no-pay schedule for its employees due to the impact of the COVID-19 pandemic on the airline sector.

This measure affects all pay grades within the company, which provides aviation support services like catering, ground handling, and maintenance.

Top management is also taking a 10% pay cut to help save jobs affected by the diminished workload.

The company is considering a retrenchment program on a last-in, first-out (LIFO) basis as a last recourse, following the government's pronouncement on a domestic travel ban.

MacroAsia estimates a revenue downturn of around P867 million, losing almost P300 million a month due to travel bans.

Operating expenses are also being reduced, with minimized night-shift work and reviewed utilities expenses.

A voluntary early retirement program is also being offered without any additional incentives.