The Cathay Pacific Group announces a corporate restructuring in response to the continued impact of the COVID-19 pandemic on the aviation market.
- Airbus delivers its first U.S.-assembled A220
- Singapore Airlines To Begin Non-Stop Services To New York’s JFK
- SAS takes delivery of its first A321LR
- Etihad makes history with the first commercial passenger flight to Israel
Reducing approximately 8,500 positions across the entire Group, which accounts for around 24% of its established headcount.
Cathay Dragon, the Group’s wholly owned regional subsidiary, will cease operations with immediate effect. It is intended that regulatory approval will be sought for a majority of Cathay Dragon’s routes to be operated by Cathay Pacific and HK Express, a wholly-owned subsidiary.
Hong Kong-based cabin and cockpit crew members of Cathay Pacific will be asked to agree to changes in their conditions of service.
Executive pay cuts will continue throughout 2021 and a third voluntary Special Leave Scheme for non-flying employees will be introduced for the first half of next year. There will be no salary increases for 2021 nor the payment of the annual discretionary bonus for 2020 across the board for all employees. Outport colleagues will be subject to local arrangements.
Cathay Dragon fleet before ceased operations:
- 14x Airbus A320
- 8x Airbus A321
- 26x Airbus A330
Cathay had 16 Airbus A321neo on order.
