SAS to Cut Over 1,000 Jobs

Scandinavian airlines SAS has announced it's to shed between 1,000 and 1,500 jobs in a move to save two billion Swedish kronor (276 million US dollars ) in a new cost cutting programme.

The airline posted lossses for the second quarter of this year of just over one billion Swedish kronor.

During the same time period, passenger traffic dropped by 17.1 percent.

The company said it would also slash pay and pensions for flight deck and cabin crew by 10 to 20 percent as part of a restructuring plan to secure its future.

A thousand people have already left SAS and seven planes have been taken out of circulation.

The troubled airline said in a statement on Wednesday that it would be cutting between five and eight percent of its workforce.

"This programme, which is in addition to the total savings measures under Core SAS of 4.5 billion crowns, includes establishing fully competitive collective agreements for flight deck and cabin personnel," SAS said.

SAS announced a lost of nearly 130 million U.S. dollars for the first quarter of the year.

SAS is jointly owned by Sweden, Norway and Denmark.