Ryanair's pilots have agreed to a 20 percent cut in salary. According to the British pilot union BALPA, they accept lower wages to save jobs.

The salary cut could save at least 260 jobs in the UK, according to BALPA. 96 percent of union members voted in favor of this scenario.

The union says Ryanair has pledged to return wages to their previous levels within four years.

Earlier Wednesday, CEO Michael O'Leary said that a total of three thousand jobs are at stake with the airline if employees do not agree to salary cuts. Pilots have to hand in 20 percent and office workers 5 percent.