CATHAY PACIFIC SAYS NO TO SUBSIDY
Hong Kong's Cathay Pacific Airways said on Friday it would not apply for further government employment subsidies for its main business units, freeing up its ability to make major job cuts at Cathay Pacific and Cathay Dragon, according to a report from Bangkok Post.
It has, however, applied for the support for budget carrier HK Express, Air Hong Kong, Cargo Terminal, Hong Kong Airport Service and Cathay Pacific Catering Services, the airline said in a statement. That financial support protects jobs from September to November, according to the government website.
Cathay, which received a $5 billion rescue package led by the Hong Kong government, has so far refrained from large-scale job cuts but has warned it is reviewing all aspects of its business model with the results expected in the fourth quarter.
Cathay and its units had around 27,000 employees globally at the end of 2019, according to its annual report. So far the group has cut jobs of around 400 overseas cabin crew and offered voluntary early retirement to pilots.
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