McLaren became the first Formula 1 team to put some of their staff members on furlough from work due to the widespread impact of the Coronavirus pandemic around the globe. The deadly virus has brought the whole sporting calendar to a grinding halt. The opening eight Grand Prixs of the 2020 season have already been cancelled or postponed due to the COVID-19 crisis. Amid these testing times, McLaren drivers Carlos Sainz and Lando Norris have taken a voluntary pay cut. Also Read - Indian Boxing Team Doctor Tests Positive For COVID-19
Both Sainz and Norris opted for the wage reduction as part of a raft of cost-cutting measures to help the team survive the coronavirus crisis. The salary reduction will affect all employees who remain at work, including CEO Zak Brown and senior management as the iconic British team move to protect jobs. Also Read - Iran Reports 2,349 New Coronavirus Cases; Total Tally at 259,652
In a statement, McLaren said: “The McLaren Group is temporarily furloughing a number of employees as part of wider cost-cutting measures due to the impact of the Covid-19 pandemic on its business. Also Read - Bengaluru Lockdown Extension News: Bengaluru to Come Under Complete Shutdown From Today, Won’t be Extended Beyond July 22 | Check Details
“These measures are focused on protecting jobs in the short-term to ensure our employees return to full-time work as the economy recovers.”
Mercedes, Renault, Williams and Racing Point also said they were reviewing potential economic measures.
“I fully understand these tough decisions and I have obviously decided to take a pay cut. We are all in this together,” Sainz tweeted.
The British-based team will also use the UK government’s furlough scheme to guarantee 80 percent of salary for staff up to a maximum of 3,000 euros a month.
Most of the F1 teams are currently on a three-week mandatory shutdown, which was brought forward to the spring from the summer and extended by a week in part to help to reduce the financial burden on the teams while the calendar is on hold.
(With Agency Inputs)