McLaren Racing has revealed details of pay cut for its F1 drivers and also employees due to COVID-19 pandemic, some have been put on furlough.
Due to the COVID-19 pandemic, McLaren have become one of countless institutions – including the Indianapolis Motor Speedway and the Circuit of The Americas – to cut salaries for staff members or even stop their work to cover the costs.
McLaren are in line with others and have decided to have pay cut for not only their management along with few senior employees, but also drivers Lando Norris and Carlos Sainz. Even with their kind act factored in, many members have been furloughed.
The British F1 team is trying to mitigate the economic impact of not partaking in F1 and or IndyCar races along with other forms of racing, where their automobile side is also facing a hit. The statement from McLaren to FormulaRapida.net read as:
“The McLaren Group is temporarily furloughing a number of employees as part of wider cost-cutting measures due to the impact of the Covid-19 pandemic on its business. These measures are focused on protecting jobs in the short-term to ensure our employees return to full-time work as the economy recovers. “
The precise number of employees who have been put put on standby has not been disclosed, but courtesy of to the British government, they most will likely be paid at least $ 2,500 per month that their temporary enforced leave of absence goes on.
This decision makes McLaren the first F1 team to have done this amid the pandemic, although it seems other teams will shortly follow suit as the threat of an out-and-out global recession looms. Albeit, driver salary cuts will likely be less common.
Aside this, McLaren is also part of a seven-team initiative to produce desperately-needed ventilators in what is known as ‘Project Pitlane’ under VentilatorChallengeUK. Mercedes has already prepared a breathing aide for patients with UCL and UCLH.
Here’s how Carlos Sainz is feeling amid COVID-19
Here’s the latest from FIA on 2020/2021 changes
Here’s Lando Norris on shaving his hair off
Here’s last news from McLaren regarding its F1 members
Here’s Mercedes helping under Project Pitlane
The story was edited by Darshan Chokhani