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Cathay Pacific Layoffs|Tan Wenhao: Sadness about the decision leads to a domino effect

2020-10-21T05:00:51.120Z


Cathay Pacific announced today (October 21) that it will implement a large-scale layoff plan, cut 8,500 positions, and cut about 5,300 employees in Hong Kong in the next few weeks. Tan Wenhao, a member of the Legislative Council of the Civic Party who once served as a Cathay Pacific pilot, said that he felt sad about the decision and believed that Cathay Pacific should have better ways to deal with it, such as staying without pay. He also questioned that the government injected more than 27 billion yuan in public funds into Cathay Pacific in June this year, and two observers on the board of directors of Cathay Pacific could not prevent this from happening. He worried that this layoff would be a wrong example to the society and bring The domino effect has worsened the unemployment problem in Hong Kong.


Political situation

Written by: Peng Zhuowei

2020-10-21 12:51

Last update date: 2020-10-21 12:51

Cathay Pacific announced today (October 21) that it will implement a large-scale layoff plan, cut 8,500 positions, and cut about 5,300 employees in Hong Kong in the next few weeks.

Tan Wenhao, a member of the Legislative Council of the Civic Party who once served as a Cathay Pacific pilot, said that he felt sad about the decision and believed that Cathay Pacific should have better ways to deal with it, such as staying without pay.

He also questioned that the government injected more than 27 billion yuan in public funds into Cathay Pacific in June this year, and two observers on the board of directors of Cathay Pacific could not prevent this from happening. He worried that this layoff would be a wrong example to the society and bring The domino effect has worsened the unemployment problem in Hong Kong.

Tan: Worry about releasing wrong messages to companies

Tan Wenhao pointed out that there are at least more than 5,000 Hong Kong employees directly affected by the layoffs. The government cannot say that Cathay Pacific is a listed company and that it is a commercial decision and just ignore it, because the government only injected 200 capital into Cathay Pacific in June this year. More than 100 million yuan of public funds are responsible for preventing large-scale layoffs.

He pointed out that he understands that the industry is facing a cold winter or even freezing, but the layoffs involve more than 5,000 families. Cathay Pacific can deal with it without pay. When the aviation industry rebounds in the future, employees can resume work, or at least they should promise. If there is space in the future, priority will be given to re-hiring relevant affected employees.

He also mentioned that Dragonair ceased operations directly, but the company invested a lot of resources to train local pilots. This group of pilots lost their talents at one time. It is a pity that it also goes against the government’s constant mention of "establishing Hong Kong as an international airline." hub".

Tan Wenhao also pointed out that after the government has launched multiple rounds of job protection programs, it cannot prevent large-scale layoffs. What is more serious is that the government has injected more than 20 billion capital into a company, and the market value of Cathay Pacific itself is only about 30 to 40 billion. , Has almost "buyed" a company, and failed to prevent layoffs. It will make a wrong demonstration, bring domino effect, and make more large organizations layoffs even more reluctant.

Mai Meijuan: Push up the unemployment rate by at least 0.2%

Mak Meijuan, a member of the Legislative Council of the Federation of Trade Unions, said that he expressed concern and concern about Cathay Pacific’s decision. He understood that it is a cold winter in the aviation industry, but large companies should ride out the difficult times with their employees. Cathay Pacific has received government funding and should fulfill its social responsibilities.

Such hastily layoffs and thousands of people will lose their jobs. She expects to push the unemployment rate up by at least 0.2%. The Federation of Trade Unions has repeatedly proposed that the government should introduce policies to assist the unemployed.

Guo Weiqiang pointed out that if Cathay Pacific wants to lay off grassroots employees, it should at the same time announce in detail the substantial salary cuts for senior management and the related extent, so that it appears to be concentric, rather than fatter and thinner.

Cathay Pacific layoffs | The government injected 27.3 billion yuan in mid-year Chen Maobo: business restructuring is a commercial decision

Cathay Pacific layoffs | Restructuring to reduce costs, but long-term concerns are hidden

Cathay Pacific layoffs | Cathay Pacific lays off 8,500 jobs, market reacts calmly, stock price flattened this morning

Cathay Pacific layoffs | CEO Deng Jianrong: I am sorry to decide to understand the anxiety and distress of leaving colleagues

Cathay Pacific layoffs.

Latest|Cathay Pacific cuts 8,500 jobs, Dragonair ceases operations on the same day and clarifies compensation plan

01News

Cathay Pacific Airways Tan Wenhao Mai Meijuan

Source: hk1

All news articles on 2020-10-21

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