Renault F1 Announces Furloughs for Most of their Staff Amid COVID-19 Crisis
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With the COVID-19 pandemic raging across the world, several companies are forced to furlough most of their staff. Among them is the Renault F1 team, who furloughed most of their British-based staff. This leave of absence is likely to last until the end of May and is largely due to the virus.
They are the latest team to furlough their staff members, after McLaren, Williams and Racing Point. In addition to the staff, even the drivers opted to take pay cuts. Apparently, Renault is the first manufacturer-owned team to take such a drastic step so this may be a sign of things to come.
According to the French outfit, the engine factory at Viry-Chatillon had to adopt a part-time schedule from April 6. This would last only for a provisional 12 weeks.
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A team statement read, “Renault Sport Racing has decided to retrospectively apply for the Job Retention Scheme set up by the British government.”
“The vast majority of Enstone staff will effectively have a total shutdown [furlough] until May 31. This will be reviewed dependent on the development of the situation.”
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How is Renault handling the situation?
In the wake of the crisis, the Renault F1 team promised to top up the government-allocated amount. This is so that they can guarantee a minimum of 80% salary for all crew members.
The team also confirmed a proportional salary reduction for active staff members. To that end, team boss Cyril Abiteboul confessed that it is difficult to gauge the impact of the crisis on. This is especially considering that several major European countries, including France and England are in lockdown.
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Abiteboul insisted that Renault F1 needs to do everything in its power to survive especially in this period of uncertainty. He also stressed on the need to safeguard the health and interests of the whole team.
A couple of days ago, the carmaker cancelled its dividend. In addition to that, the chairman and interim chief executive officer agreed to take pay cuts. They also pledged to help finance a solidarity fund for COVID-19 affected staff. In the meantime, all that Renault and the other teams can do is sit and wait for the season to eventually begin
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