Дата: 03-08-18 11:57

Cathay to cut jobs overseas in restructuring plan

Cathay Pacific Airways warned its staff via an internal memo it was about to enter a phase of a three-year restructuring process. It would lead to layoffs in its overseas bases including Japan, the United States and Korea.

Photo by: @cathaypacific

About 7600 employees are concerned in over 100 different locations outside of Hong-Kong. However, the company did not communicate which bases would be affected and the scale of the shedding. “An internal memo has been shared with the employees of the Cathay Pacific Group as our regional and country teams start to communicate and, where necessary, consult their local teams on the restructuring,“ said an airline spokesperson to AeroTime via mail. “This work will continue over the coming months.”

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Japan employees were already offered early retirements including severance packages during a meeting on July 23, 2018, according to Bloomberg.

With its austerity policy and restructuring plan, Cathay expects to free about USD 510 million in operating costs over three years in order to recover from two years of losses, reports the South China Morning Post. In 2016, Cathay lost USD 73 million and USD 160 million the following year, despite trimming positions of 600 managers in Hong Kong in 2017. The losses are the result of an intensified competition from Chinese airlines, as well as heavier fuel charges.

Джерело інформації: AeroTime

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