Nordic carrier, Finnair, announced yesterday that it will start negotiations with its staffers regarding job cuts that it anticipates will affect approximately 500 employees. The cuts will include layoffs and terminations, reducing workers to part-time status as well as the number of temporary staff.

According to senior VP, human resources, Anssi Komulainen,"To ensure the company's growth strategy, we need additional cuts of at least €50 million ($77.5 million) per year and we have begun discussions with our personnel to map out savings targets."

Komulainen also said the "exact nature of the cuts will become apparent during the negotiations."

According to an airline statement, "demand has decreased and this decrease has accelerated at such a rate in the past weeks that together with the price development of fuel, Finnair's result-making capability has significantly weakened."