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In need of $1 billion, Amtrak cuts management pay as it faces unprecedented ridership loss

(Source: Philadelphia Inquirer, March 21, 2020)

PHILADELPHIA — In need of about $1 billion in supplemental funding to battle an “unprecedented” drop in ridership, Amtrak has now taken “aggressive" steps to cut the pay of top staff and other measures, the company confirmed Saturday. Daily ridership is down 90% systemwide while future bookings are down 85% year-over-year, according to Amtrak. The company’s management employees now face temporary salary reductions — including a 100% reduction for its CEO — effective until at least Sept. 30, or the end of its fiscal year, according to an internal memo from Stephen Gardner, senior executive vice president and chief operating and commercial officer.

Full story: Philadelphia Inquirer

Monday, March 23, 2020

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