Austrian Airlines AG (AUA.VI) has agreed to save EUR150 million in costs over the next six years in a deal with the flag carrier's works council, the company said Wednesday.

Wage payments and ancillary costs will be reduced by 5% in the 2010-2015 period. In turn, the airline said that there will be no further job cuts beyond the previously announced 1,000 redundancies.

Web site: www.austrian.com

-By Frankfurt Bureau, Dow Jones Newswires; +49 69 29725 500; djnews.frankfurt@dowjones.com