Issue link: https://maltatoday.uberflip.com/i/1231020
SUNDAY • 5 APRIL 2020 • ISSUE 1066 • PUBLISHED EVERY WEDNESDAY AND SUNDAY €1.95 maltatoday PAGE 2 Pilots won't discuss cuts without say on Air Malta MATTHEW VELLA AIR Malta pilots have refused to consider a rad- ical and drastic cut of their monthly salaries to just €1,200, with union spokesperson Dominic Azzopardi complaining about management not having taken any cut in their salaries. "We are already suffering a 30% cut," Azzopar- di said, referring to the fact that pilots are not being paid their performance-based portion of their salaries, which depend on the amount of hours they fly. Air Malta has been attempting to convince workers to take suitable pay cuts due to the lack of revenue the national airline will suffer in the coronavirus pandemic, that has shut down the tourism industry. But the ALPA spokesperson said the union will only sit down to consider a salary cut if they see management taking similar wage cuts, and if they are invited to discuss further restructuring of the airline. STAY IN, STAY SAFE, WE ARE IN THIS TOGETHER WWW.MALTATODAY.COM.MT/COVID19 Pilots union claims it wants a say on airline's restructuring to consider pay cuts due to pandemic shutdown EDUCATION... IT'S BETTER INSIDE INTERVIEW MT 2 Never before has your support of free and independent journalism been so crucial SUBSCRIBE maltatoday.com.mt/maltatodaydigitaledition COVID-19 New cases bring total to 213 4-5 Good Friday: the passion of being inside 8 The pandemic punishes fishermen 9 Bring out the English! But don't neglect Maltese 10-11 It looks ugly for Europe 14-15 JAMES DEBONO Casualties of a virus 10-11 Posterity fund lost money on IIP fund investments THE national fund used to in- vest proceeds from the sale of Maltese citizenship lost €2.45 million in 2018, after money invested by the Central Bank in a portfolio of assets suffered a market downturn. A 2.88% shareholding in Bank of Valletta was also valued at €20.3 million, having lost €7.1 million from the initial invest- ment of €27.8 million. In September 2018, the Na- tional Development and Social Fund concluded an investment agreement with the Central Bank to manage 30% of all the cash passed on to the fund by Identity Malta on the sale of Maltese passports to the global rich. The initial investment passed on to the Central Bank stood at €100 million. But the building of the portfolio coincided with a market downturn towards the final quarter of 2018. PAGE 2