MIAMI -- The Far & Wide Travel Corp. ended a six-week period of
cutbacks that was designed to help the company weather the business
slowdown related to the war in Iraq.
The work schedules of the company's approximately 450 employees
were scaled back in degrees that varied among Far & Wide's
business units. The depth of the reduced schedules depended on
productivity and how much each unit was affected by the war, a
spokeswoman said.
Employee pay was cut commensurate with work-schedule reductions,
and benefits remained in place.
Employees received some extra rewards, such as a $1,500 travel
credit applicable to any Far & Wide product, to compensate for
their sacrifice, the company said.
Chairman Phil Bakes took a 50% pay cut during this period; other
executives took 45% pay cuts.
The action ended this week.