Formula 1 and Williams furlough staff and introduce pay cuts

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The Williams F1 Team and the Formula 1 Organisation have introduced measures to react to the increasing financial troubles caused by the COVID-19 outbreak.

McLaren has become the first F1 squad to announce counter-measures to the ongoing coronavirus crisis. The Woking-based outfit issued a statement last week in which it communicated that it temporarily sent several members of the staff on leave in order to reduce costs during the ongoing pandemic.

The British outfit stated that it intends to secure the job of its employees who can return full time when the economy recovers. The team’s two young drivers, Carlos Sainz and Lando Norris volunteered to take the same rate of reduction as other staff when they were informed.

Since McLaren’s announcement, Racing Point and Williams have also followed the route taken by their rival. The Grove-based outfit said that “these decisions have not been taken lightly, however our aim is to protect the jobs of our staff at Grove and ensuring they can return to full-time work when the situation allows.”

“The furlough period will last until the end of May whilst senior management, and our drivers, have taken a pay cut of 20% effective from 1st April,” the Williams statement read.

Following the measures taken by the three British outfits, the Formula 1 organisation has decided to place around half of its staff on furlough. Furthermore, senior staff will take a 20% pay cut including the sport’s CEO and Chairman, Chase Carey.