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Cathay Pacific Airways cuts 8,500 jobs, shutters regional airline

Oct 21, 2020 16:56 IST

Hong Kong-based Cathay Pacific Airways said on Wednesday it would cut 8,500 jobs, about 24% of the company’s workforce, as it struggles with the pandemic-led plunge in air travel.

The company will also shut down Cathay Dragon, its regional airline unit, with operations ceasing from Wednesday.

The restructuring is aimed at reducing Cathay Pacific’s cash burn to $64.5 million a month, from about $193.5 million to $258 million currently.

Executive pay cuts will also continue throughout 2021 and there will be no pay increments for 2021 nor bonuses for this year for all Hong Kong employees, Cathay Pacific said.

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