The Cathay Pacific Group has announced a corporate restructuring in response to the continued impact of the COVID-19 pandemic on the aviation market. The restructuring will enable the Company to protect as many jobs as possible while securing its future.
By restructuring, the company has reduced approximately 8,500 positions across the entire Group, which accounts for around 24% of its headcount. Through a recruitment freeze and natural attrition, the Group has been able to reduce the number of layoffs to 5,900 actual jobs – some 5,300 Hong Kong-based employees and approximately 600 employees based outside of Hong Kong.
Cathay Dragon, the Group’s wholly-owned regional subsidiary, will cease operations with immediate effect. With regulatory approval, a majority of Cathay Dragon’s routes will be operated by Cathay Pacific and HK Express, a wholly-owned subsidiary.
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