Cathay Pacific cuts 18% of its workforce amid the coronavirus pandemic

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On Tuesday, South China Morning Post reported that Cathay Pacific Airways Ltd. (0293.HK) would furlough 18% of its workforce or almost 6,000 jobs and axed its regional brand Cathay Dragon.

Hong Kong’s flag carrier said that the job cuts were made to help weather the coronavirus outbreak.

In June 2020, the airline stated that it reviewed its strategy due to the weak global travel demand. It also added that “tough decisions” would be made during the fourth quarter of the year. Some analysts already expected that it would announce significant job cuts.

In that same month, the Hong Kong government gave a $5 billion rescue package for the airline.

Last month, Cathay Pacific announced that it would not apply for further government employment subsidies for its central business units.

On Monday, Cathay Pacific said that the airline would operate less than 50% of its pre-pandemic passenger flight capacity next year.

 

 

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