Hong Kong’s flag service Cathay Pacific is contemplating a plan which might see price cuts in pay and job cuts, native media reported.
The airline was among the many first to be hit by the coronavirus disaster because it closed mainland China and East Asian routes in late February and early March. It misplaced $1.three billion within the first half of this yr.
The precise figures stay unknown, however estimates recommend that as a lot as 20-30% of the workforce, or about 8,500 jobs, will likely be made redundant, in accordance with Chinese media.
“We have taken every possible action to avoid job losses up to this point”, stated CEO Augustus Tang.
Cathay stated this week it expects to function approximately 10% of pre-pandemic passenger flight capability for the remainder of this yr, and beneath 50% for 2021.
The closing plan might be accepted by the board by this week.