Hong Kong’s Cathay Pacific Airways has announced it will cut 8,500 jobs and shut its regional airline as it grapples with the plunge in air travel due to the pandemic
HONG KONG — Hong Kong airline Cathay Pacific Airways said Wednesday it would cut 8,500 jobs and shut a regional airline as it grapples with the plunge in air travel due to the pandemic.
About 5,300 employees based in Hong Kong and another 600 elsewhere will likely lose their jobs, and 2,600 unfilled positions will be cut. The cuts are about 24% of the company’s workforce, Cathay Pacific said in a statement.
“The global pandemic continues to have a devastating impact on aviation and the hard truth is we must fundamentally restructure the group to survive,” Cathay Pacific CEO Augustus Tang said in a statement.
“We have to do this to protect as many jobs as possible, and meet our responsibilities to…
Source news reuters.com, click here to read the full news.