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NCLH to dock shoreside pay 20%, move to four-day week

Acting to preserve resources while keeping its full team employed, Norwegian Cruise Line Holdings is going to reduce shoreside pay 20% and shift to a four-day work week.

The company said these moves would take effect March 30 and are anticipated to be in place through June 22.

NCLH is also working to temporarily discontinue the employer 401(k) match benefit.

US shoreside team members 

This plan is for US shoreside team members only, an NCLH spokesperson said Wednesday, adding that no decisions have been made with respect to international teams.

'Loyalty, passion and determination' valued

'As a people-first organization, this decision was not taken lightly,' the spokesperson said. 'We remain committed to our team members and value their loyalty, passion and determination as we navigate this global situation.'

Last week NCL announced the temporary suspension of all cruises between March 13 and April 11, to support efforts to contain the spread of COVID-19.

On March 12, NCLH began borrowing from revolving credit facilities that total $1.55bn. This was a precautionary measure, the company said in a filing, to increase its cash position and facilitate financial flexibility in light of current uncertainty in the global markets.

Shares dip to $7.03 in trading

After trading as low as $7.03 Wednesday, NCLH shares closed at $7.77, off $2.26. In the past 52 weeks, the stock has traded as high as $59.78.

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