Cathay Pacific’s board of directors is expected to back a restructuring plan early this week that includes staff redundancies and pay cuts in a bid to keep Hong Kong’s flag carrier afloat, the Post has learned.
Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. At a time when the airline seeks to slim down its workforce, newcomer Greater Bay Airlines could end up taking on some of its former staff. The start-up, which is eyeing the rights to fly lucrative mainland and Asia-Pacific routes, launched its first public hiring effort last weekend to bolster its application for permits to operate out of the city.
The company has until now been the most conservative in the industry with redundancies, according to Luya You, transport analyst at brokerage Bocom International. The airline is also facing pressure to pay back the government’s share of the HK$39 billion bailout package. Taxpayers stumped up HK$27.3 billion in the form of preference shares and a bridging loan that has yet to be drawn down as of late September.
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