 Cathay Pacific to eliminate 8,500 job posts in HK$2.2 billion restructuring, 5,300 redundancies in Hong Kong |
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American Shipper |
Post Date |
10/23/2020 |
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? Financial secretary backs Cathay¡¯s ¡®life-or-death¡¯ restructuring, which includes closing Cathay Dragon
? About a quarter of positions across the group to be abolished, with 5,300 Hong Kong redundancies, in company¡¯s biggest jobs cut in its history
? Cathay Pacific to axe 8,500 posts: 5,900 staff made redundant worldwide, 5,300 jobs lost in Hong Kong, 2,600 unfilled roles eliminated
? Cathay Dragon brand to stop operating with immediate effect
? Restructuring to cost HK$2.2 billion, while HK$2 billion monthly cash burn reduced by HK$500 million per month via job cuts, airline closure
? Hong Kong-based cabin and cockpit crew asked to sign new, cheaper contracts
Cathay Pacific Airways will eliminate 8,500 job posts, making 5,900 staff redundant, and shut one of its regional airlines with immediate effect under a global HK$2.2 billion (US$284 million) restructuring to cope with the pandemic fallout, the company revealed on Wednesday.
Unveiling the largest jobs cut in its history, Hong Kong¡¯s flag carrier said 5,300 city-based and 600 overseas employees would be made redundant ¡°in the coming weeks¡±, while 2,600 unfilled posts would be abolished.
in the Post, the airline said in a stock exchange filing on Wednesday that Cathay Dragon would ¡°cease its operations with effect from today¡± and seek regulatory approval for most of the regional carrier¡¯s routes to be absorbed and operated by Cathay Pacific and budget sister unit HK
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