Williams has confirmed that it has placed a number of its Formula 1 staff on furlough, whilst also announcing salary cuts for a number of senior personnel.
The F1 season is still yet to get underway, with COVID-19 halting nearly all motorsport series globally, and as a result, it is causing financial issues for a number of teams who rely on races in order to make money.
It is no secret that Williams has struggled with its budget compared to rivals of the last couple of seasons, and as such, they have decided to place a number of staff on furlough, whilst also cutting the salaries of drivers and personnel by 20% in a bid to reduce their costs.
A statement from the Grove-based squad said: “Due to the ongoing situation involving Covid-19, ROKiT Williams Racing is temporarily furloughing a number of employees as part of a wider range of cost-cutting measures.
“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.”
“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.”
Although a number of Williams employees will be working for the foreseeable future, the financial measures put in place by the UK Government means that they will still receive 80% of their salary paid up to a limit of £2,500 a month.
There is still no confirmation as to when the 2020 F1 season will get underway, with the first eight races having already been either cancelled or postponed, but Chase Carey has previously said that he believes it will start at “some point this summer”, and that fans can expect there to be 15-18 races.