Racetracks around the world wear a deserted look these days as the motorsport industry has been impacted hugely by the coronavirus pandemic, as have a lot of others. Due to the economic slowdown caused by the pandemic, employers and employees have had to forgo a part of their salaries for their respective companies. It is a similar story with Formula 1 drivers and the latest news is that F1 heavyweights Lewis Hamilton and Sebastian Vettel will be taking a pay cut as well to help their teams.
Hamilton and Vettel earn £40 million (approximately Rs 384 crore) and £35 million (approximately Rs 336 crore) a year, respectively at Mercedes and Ferrari.
Moreover, reports suggest that Hamilton and Vettel both have very little time to make up their minds regarding their teams. According to a report on essentiallysports.com, Hamilton and Vettel have two completely different scenarios when dealing with their teams. Allegedly, Hamilton is seeking a bigger pay for a long-term contract while Ferrari has offered Vettel a deal with a slight reduction in salary. However, according to rumors, the duo must provide an answer to their respective teams by the end of this month.
Ferrari and Mercedes need to quickly wrap up negotiations so as to plan a course of action. The seats at the respective teams will be immensely attractive to plenty of drivers who would take them in a jiffy.
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In related news, McLaren Group announced on Wednesday that they are “temporarily furloughing a number of employees as part of wider cost-cutting measures due to the impact of the COVID-19 pandemic on its business. These measures are focused on protecting jobs in the short-term to ensure our employees return to full-time work as the economy recovers”.
McLaren’s F1 operation has an 850-strong workforce and the furlough, which will start next week, is set to be reviewed at the end of May.
