Cathay Pacific to Weed Out Massive Workforce

Cathay Pacific to weed out massive workforce

In a major job cut announcement, Cathay Pacific Airways Limited of Honk Kong has decided to cut down 5900 jobs. Besides, the company want to bring curtains to its Cathay Dragon brand, which was once a regional hit.

The company which is grappling due to lack of customers following the pandemic would join its rivals by initiating such a drastic step. There has a massive plunge in demand for commuters.

As a part of the restructuring, the airlines may seek changes in the contracts of existing cabin crew including pilots and put up some pre-requisite before them. It can cost the company $283.9 million or HK$2.2 billion.

As per Cathay, it would slash 8,500 positions overall, a 24 per cent headcount. That includes 2600 roles remaining unfilled due to the cost reduction steps.

Interestingly, shares of Cathay climbed 7 per cent in early trades. Notably, Qantas Airways Limited, Australia and Singapore Airlines.

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