Salem Radio Network News Monday, February 6, 2023

Business

German government rejects Lufthansa’s executive bonus plans

BERLIN (AP) — The German government said Wednesday that it opposes bailed-out national carrier Lufthansa’s plans for bonus payments to executives.

German business daily Handelsblatt reported that the airline’s board agreed to give bonuses to top managers for the years 2021 and 2022. Lufthansa declined to confirm this, but said bonus payments wouldn’t be made until 2025, leaving open the possibility that those for the past two years might be delayed until then.

Government spokesman Steffen Hebestreit said such bonuses were ruled out under the terms of a bailout the airline received at the height of the coronavirus pandemic, when travel restrictions hit the industry hard.

He said officials planned to hold talks with Lufthansa on the matter.

The government sold its remaining shares in the airline in September, for a profit of about 700 million euros ($745 million).

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