Cathay Pacific announces plan to lay-off 600 employees
Hong Kong-based Cathay Pacific Airways, the largest international airline in Asia, is preparing to lay off as many as 600 employees at its headquarters.
The Hong Kong airline announced on Monday that it would fire nearly 190 managers, or a quarter of its total management positions. Nearly 400 non-managerial jobs will also be eliminated.
Cathay announced its biggest round of job cuts in two decades as it is facing increasing competition from competitors amid tougher business conditions.
Rupert Hogg, chief executive of the airline, said, “Changes in people's travel habits and what they expect from us, evolving competition and a challenging business outlook have created the need for significant change.”
Cathay made its most sweeping overhaul in 1998, when it cut roughly 800 positions amid the then Asian financial crisis.
The new round of layoffs will be completed by the end of 2017. Currently, the airline employs 16,500 workers in Hong Kong.
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