CHICAGO (CBS) — United’s executive chairman says the U.S. airline industry needs to shrink to survive.

Oscar Munoz thinks airlines have to cut labor costs by as much as 50% to stay in the air, but that doesn’t necessarily mean cutting half of current workers.

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“I think a lot of us are working ways of working in ways where a simple example, a job share program, where you and I would share this job,” Munoz said. “And there’s one salary versus two for a period of time. So, the payroll costs will have to be down so it’s not necessarily losing people.”

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Munoz recently stepped down as United’s CEO. He thinks business travel won’t recover until there is a vaccine.

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