5,300 Hong Kong employees made redundant.
Cathay Pacific Group is going through a major corporate restructuring with 8,500 positions reduced to 5,900, according to an announcement.
A total of 5,300 Hong Kong based employees and 600 employees based abroad are affected.
The announcement stated that this is being done through a “recruitment freeze and natural attrition”.
Hong Kong-based cabin and cockpit crew members of Cathay Pacific will be asked to agree to changes in their conditions of service whilst executive pay cuts will continue throughout 2021.
There will be no salary increases for 2021 nor the payment of the annual discretionary bonus for 2020 across the board for all employees. Outport colleagues will be subject to local arrangements.
Cathay’s regional subsidiary, Cathay Dragon, will also cease to operate effective immediately.
“The global pandemic continues to have a devastating impact on aviation and the hard truth is we must fundamentally restructure the Group to survive. We have to do this to protect as many jobs as possible, and meet our responsibilities to the Hong Kong aviation hub and our customers,” Cathay Pacific chief executive officer Augustus Tang said.
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