✈️ Cayman Airways CEO concerned over inadequate pensions for retired staff

Cayman Airways Ltd (CAL) CEO, Fabian Whorms, has expressed concerns over the inadequate pensions of retired staff, which he says are insufficient for their cost of living and do not include post-retirement healthcare. The issue was raised during a Public Accounts Committee hearing, where Whorms described the situation as a significant issue requiring substantial funding. He stated that it was a matter for shareholders to address, as it was beyond the airline's capacity to rectify the problem independently. 🏦

Whorms explained that retired workers receive little more than $1,000 per month, leading to financial struggles and lack of healthcare coverage. This has led to the airline retaining an ageing workforce, as management is reluctant to force employees into retirement given the financial hardships they would face. The CEO also expressed concerns over his own pension and those of the senior management team, stating that they were out of sync with the wider public service and would be insufficient for survival. Whorms suggested that the government could potentially take responsibility for Cayman Airways retirees under the Public Service Pension Board provisions and offer them post-retirement healthcare benefits. 🏥

Despite these challenges, Whorms noted that staff retention at the airline was better than perceived, with an average turnover of around 11% and less than 2% among pilots. He also highlighted the benefits of having experienced staff, stating that older workers have a lot to offer the airline. However, he acknowledged a higher turnover among flight attendants, attributing this to the transient nature of the position within the industry. 🛫