Hong Kong airline Cathay Pacific has announced that it will move ahead with a restructuring that includes the elimination of 8.500 jobs and closing its subsidiary Cathay Dragon.
“Approximately 8.500 jobs across the Cathay Pacific Group (including Cathay Dragon) will be eliminated, representing around 24 percent of the group, which has about 35 employees, can be read in the statement sent to the stock exchange Hong Kong.
"Of these 8.500 jobs, some 5.300 employees in Hong Kong will be made redundant in the coming weeks, with approximately 600 employees outside Hong Kong possibly being affected," the company said.
The remaining 2.600 jobs to be eliminated are not currently filled, due to the cost reduction in recent months promoted by the airline, which included the freezing of contracts and the closure of certain bases abroad, according to the same note.
The group also said that the restructuring will cost about 2,2 million Hong Kong dollars (240 million euros) and that the closure of Cathay Dragon, which operated regional flights, will take effect as of this Wednesday.
Cathay Pacific, which flies to almost a hundred destinations and which in 2014, 2015 and 2016 led the Jet Airliner Crash Data Evaluation Center ranking as the safest airline in the world, joins the long list of companies that they are laying off thousands of employees due to the economic impact of the new coronavirus pandemic.