(MENAFN) Spain's Iberia stated that it will lay off 3,807 employees to reduce costs, reported Xinhua News.
The airline said that the cost-cutting program will result in the discharge of 19 percent of the firm's total staff, which is almost 20,000.
Between 2008 and September 2012, the carrier, which has been part of the holding IAG along with Bristish Airways since 2011, incurred losses of nearly USD1.143 billion.
Therefore, in November 2012, the company had submitted a plan that predicted the slash of 4,500 jobs, however, the number was reduced by 17 percent.
Iberia also offered compensation of 20 days wage per year worked, to a maximum amount similar to 12 months salary.
It is worth noting that job cuts will last 9 months, from March 14 to the end of 2013, according to the unions, which have 30 days to negotiate the plan with the airline.
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