Hamilton, Vettel join driver list to cut wages

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Lewis Hamilton and Sebastian Vettel will both give up part of their salary to help Mercedes and Ferrari survive the ongoing financial crisis that has hit Formula 1.

Many F1 teams are currently facing the pinch, as eight of this year’s 22 grand prix have been postponed or canceled. And others may follow in the coming weeks.

Red Bull advisor Helmut Marko expects that for five missed races, the teams will lose “100 million”.

In order to overcome the crisis, McLaren announced earlier this week that it is taking advantage of the British government’s initiative to cover 80% of the salary of a worker on leave.

The Woking team placed an unidentified number of employees on leave after it was also revealed that Carlos Sainz and Lando Norris would accept wage cuts.

Teammates earn £ 2m and £ 600,000 respectively per year.

“The McLaren Group is temporarily putting a number of employees on leave as part of broader cost reduction measures due to the impact of the Covid-19 pandemic on its operations,” said a statement from the team.

“These measures focus on protecting short-term jobs to ensure that our employees return to full-time work as the economy recovers.”

At the time of McLaren’s announcement, none of the other teams had confirmed their intention to do the same, but it is now reported that Hamilton and Vettel, as well as Charles Leclerc, offered to forgo part of their salary.

They earn £ 40m and £ 35m respectively, while Leclerc earns £ 8m.

The Daily Mail says it is “understood that six-time world champion Hamilton is ready to give up part of his £ 40 million salary, although these discussions are only at a preliminary stage .

“Ferrari’s Sebastian Vettel, who earns £ 35 million a year, and Charles Leclerc, with £ 8 million, are also in talks to cut their revenues. “

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