Cathay Pacific to eliminate 8,500 job posts in $284 million restructuring in Hong Kong
October 21, 2020
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.