British Airways has asked 40,000 employees to work without pay due to record losses. BA posted a £401 million ($659 million) loss in 2008. CEO Willie Walsh has asked employees to volunteer by June 24 for between one to four weeks of unpaid work. Walsh is working for free during the month of July.
The airline may also be doing some layoffs in the future. Of course a CEO can afford to work for free month! The company claims that these pay cuts depend on their survival.