Air New Zealand plans to axe 1,500 jobs in bid to save millions

State-owned carrier Air New Zealand has announced a cost-cutting plan that will cost 1,500 jobs, including around 300 compulsory redundancies, and save an expected NZ$245m (€124m) annually by 2007.

Savings will be made by a 15% reduction of the 10,000-strong workforce by this date.