The Cathay group has about 33,000 employees working worldwide. - South China Morning Post
It initially planned about 8,000 layoffs globally, but after government intervention reduced that to 18% of its total workforce, including some 5,000 jobs in Hong Kong, according to the report. Cathay carried out a HK$39 billion recapitalisation plan that was completed in August and left the Hong Kong government with a 6.08% stake in the company and two observer seats on its board. In another effort to cushion the blow from the loss of passengers, the airline has been renegotiating aircraft deliveries from Airbus SE and Boeing Co.
Cathay Dragon flies Airbus SE A320, A321 and A330 aircraft to destinations across Asia and more than 20 mainland Chinese cities, including the lucrative Beijing and Shanghai routes. The latest development comes as Hong Kong said its jobless rate rose to a 15-year high of 6.4% in the July-September period as the economy remained stuck in recession.Big Employer
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