HONG KONG's Cathay Pacific Airways has announced that 2,613 pilots and 7,346 cabin crew have signed on to the new reduced conditions of service deal brought about by the Covid crisis.
This represents 98.5 per cent of pilots and 91.6 per cent of cabin crew who were asked to agree to the new contracts, said the Cathay statement.
'For those who decided not to join us, we respect their decision. These staff will be offered packages that go beyond statutory requirements. None of the severance payments will be offset against pension contributions, and staff will be reimbursed for any unpaid leave they took in 2020,' said Cathay.
'Overall, the restructuring will reduce our operating cash burn by about HK$500 million (US$64.4 million) per month, bringing it down to HK$1 billion to HK$1.5 billion per month. Our recent HK$39 billion recapitalisation ensured we could continue to operate, and we are very grateful to the HKSAR Government and our shareholders for their support at that critical time,' said the company.
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This represents 98.5 per cent of pilots and 91.6 per cent of cabin crew who were asked to agree to the new contracts, said the Cathay statement.
'For those who decided not to join us, we respect their decision. These staff will be offered packages that go beyond statutory requirements. None of the severance payments will be offset against pension contributions, and staff will be reimbursed for any unpaid leave they took in 2020,' said Cathay.
'Overall, the restructuring will reduce our operating cash burn by about HK$500 million (US$64.4 million) per month, bringing it down to HK$1 billion to HK$1.5 billion per month. Our recent HK$39 billion recapitalisation ensured we could continue to operate, and we are very grateful to the HKSAR Government and our shareholders for their support at that critical time,' said the company.
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