Formula 1

Carey takes pay cut as F1 furloughs staff

Ian Parkes Tuesday 7 April 2020 11:32

Carey takes pay cut as F1 furloughs staff

Chase Carey has agreed to take a voluntary pay cut, while around half of all Formula 1 staff have been placed on furlough.

Three teams in McLaren, Williams and Racing Point have already adopted the same measures, with F1 doing likewise to ensure that as a business it survives the current crisis.

F1 Group CEO and chairman Carey's cut is undisclosed, although it is understood to be a minimum 20%, while other senior figures, including managing director of motorsports Ross Brawn, are believed to be at 20%.

As an organisation, F1 has a 500-strong workforce across two locations in London and Biggin Hill, with between 200 to 250 of those now on furlough.

The government scheme protects jobs, with employees being paid 80% of their monthly salaries, up to a maximum of £2500 per month, until such time as they are able to return to work.

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Carey takes pay cut as F1 furloughs staff

Carey takes pay cut as F1 furloughs staff