Cathay Pacific layoffs | Cathay Pacific announces restructuring plan to lay off 8,500 employees and Dragonair ceases operations today

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Author: Yuan Shu Kong Fanxu

2020-10-21 07:51

Last update date: 2020-10-21 08:03

The new crown pneumonia epidemic is raging around the world. With the implementation of "customs closure" prevention and control measures in many countries, the tourism industry has almost ceased, and airlines have also fallen into an unprecedented "ice age". Cathay Pacific and Dragonair previously abandoned applications for the second round of employment protection programs It is accused of paving the way for layoffs, and there has been news of substantial layoffs recently.

[07:54] In the announcement, Cathay Pacific’s management put forward three major elements of the restructuring plan, including:

1. Dragonair ceased operations today.

2. The layoffs of 8,500 employees, accounting for 24% of the employees, were mainly based in Hong Kong, with 5,300 accounting for more than 60% of the layoffs. Another 600 non-Hong Kong employees may be affected; recruitment was frozen and 2,600 positions remained vacant.

3. The cabin attendants and pilots stationed in Hong Kong will be required to agree to change their service conditions, so as to achieve the goals including bringing salary closer to productivity and enhancing market competitiveness.

The restructuring cost is approximately 2.2 billion yuan,

[07:52] Cathay Pacific issued a notice this morning, announcing its restructuring plan, layoffs 8,500 employees, accounting for 24% of its employees.

The number of layoffs is larger than the previous plan.

Among the 8,500 positions, about 5,300 employees stationed in Hong Kong will be laid off in the next few weeks, and about 600 non-Hong Kong employees may be affected, subject to the regulatory requirements of the relevant regions.

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Cathay Pacific layoffs