SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 6-K


                        Report of Foreign Private Issuer


                       Pursuant to Rule 13a-16 or 15d-16
                     of the Securities Exchange Act of 1934


                          For the month of March 2008

                              RYANAIR HOLDINGS PLC
                (Translation of registrant's name into English)

                     c/o Ryanair Ltd Corporate Head Office
                                 Dublin Airport
                             County Dublin Ireland
                    (Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.

                         Form 20-F..X.. Form 40-F.....


Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of 1934.

                               Yes ..... No ..X..


If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ________



RYANAIR ANNOUNCES MANAGEMENT PAY FREEZE AND FURTHER OTHER COST CUTS AS FUEL HITS
                                 $100 A BARREL

Ryanair,  Europe's largest low fares airline today (Wednesday,  26th March 2008)
confirmed that it was freezing the pay of its senior management for 2008 as part
of a series of cost cutting  measures  over the coming weeks as the price of oil
rises to over  $100 a barrel.  From 1st April  next  Ryanair's  current  $68 per
barrel fuel hedges, expire.

Ryanair  confirmed  that  it is  reviewing  all of  its  major  costs  including
airports,  staffing,  fuel  and  currency  exposures  and  this  cost  reduction
programme will continue over the coming weeks. Since Ryanair is the only airline
in Europe to guarantee the lowest fares and no fuel surcharges, Ryanair must pay
for higher oil by reducing costs elsewhere.

Ryanair's Michael O'Leary said today:

     "Given the enormous  increase in our fuel costs,  and the  likelihood  that
     profits  over  the  coming  year  may  fall,  it is  appropriate  that
     Ryanair's  senior  management  lead this cost  reduction  programme by
     example, with a pay freeze in 2008.

     "None of  Ryanair's   senior   management  team   (comprising  of  over 30
     individuals)  will  receive  any pay  increase  this year  unless  the
     current  high oil prices fall,  and until we can see some  prospect of
     profits  being  increased.  We are working  intensively  on other cost
     reductions,  including  focusing on airport costs and handling  costs,
     staff costs and other operating  expenses,  as we expand Ryanair while
     lowering fares but absorbing much higher oil costs.

     "Ryanair will continue to guarantee the lowest fares and no fuel surcharges
     on every  route we  operate,  This can only be achieved in a period of
     higher oil prices by reducing  costs in every  other area.  These cost
     reductions  will mean that Ryanair's  passengers can continue to enjoy
     Europe's   guaranteed  lowest  fares,  and  a  guarantee  of  no  fuel
     surcharges whenever they travel with Ryanair".

Ends.                                     Wednesday, 26th March 2008


For reference:  Peter Sherrard, Ryanair    Pauline McAlester, Murray Consultants
                Tel: +353-1-8121228        Tel: +353-1-4980300


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.

                                    RYANAIR HOLDINGS PLC


Date:  26 March, 2008

                                    By:___/s/ James Callaghan____

                                    James Callaghan
                                    Company Secretary & Finance Director