Monarch
says its staff have agreed to pay cuts of up to 30% to secure the future of the
airline.
It
said its employees had voted overwhelmingly in favour of the plan, following
discussions with unions.
Monarch's
chief executive, Andrew Swaffield, said the vote was "a step forward"
in the company's re-organisation.
On
Tuesday the firm said it was in talks with investors Greybull Capital to sell a
majority stake.
Mr
Swaffield added that there were still "further hurdles to be
overcome" but that the company had secured future investments from
Greybull.
"This
is firm progress for Monarch, its employees and for its customers," he
said.
Jim
McAuslan, General Secretary of the British Airline Pilots' Association (Balpa),
said pilots had made "major sacrifices to secure the future of this
important British company".
"We
welcome the announcement that Greybull are moving towards securing their
position as majority shareholders in Monarch," he said.
