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 ($284 million) restructuring to cope with the pandemic fallout, the company revealed on Wednesday, reported the South China Morning Post.
About a quarter of positions across the group are to be abolished, in the company’s biggest jobs cut in its history. Cathay has been running losses of HK$2 billion monthly, which will now be reduced by HK$500 million per month via the job cuts, said the SCMP.
Hong Kong-based cabin and cockpit crew were asked to sign new, cheaper contracts and the Cathay Dragon brand is set to stop operating with immediate effect.