Formula One furloughs staff, bosses take pay cuts [DailyTimes] 08 Apr, 2020

LONDON: Formula One has put almost half its staff on furlough until the end of May due to the novel coronavirus with chairman Chase Carey and senior management also taking a pay cut, an F1 spokesman said on Tuesday. Sources said those on furlough were mainly employees whose work was race weekend focused and who could not carry it out remotely. The company employs in excess of 500 people. The Formula One season has yet to start, with the March 15 season-opener in Australia cancelled along with the Monaco showcase in May. Six other races have been postponed and Liberty Media-owned Formula One hopes to start up some time in the European summer, conditions permitting, with a reduced schedule of 15-18 races.Under the British government’s furlough scheme announced last month, employers can claim for 80% of employees’ usual monthly wage costs, up to £2,500 ($3,068) per month. Formula One teams have already agreed to delay until 2022 significant technical rule changes planned for 2021 and use the same cars next year to save money. McLaren boss Zak Brown warned at the weekend that Formula One is in “a very fragile state” and risks losing some of its 10 teams unless some big changes are made.

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