Over 90pc of the pilots and cabin crew signed new contracts: CathayOver 10,000 Cathay Pacific pilots and flight attendants have signed the new pay-slashing contracts offered by Cathay before yesterday night, the deadline set by the company. According to Cathay, 2,613 of their pilots and 7,346 of their flight attendants accepted their new offer, equivalent to 98.5 percent and 91.6 percent of the two groups respectively. Under Cathay Pacific's business restructuring plan, Cathay asked staff to sign new contracts with a pay cut of 20 to 40 percent for flight attendants, and 40 to 60 percent for aircrew, according to their respective unions. Cathay stressed that executive pay cuts will continue throughout 2021 and a third voluntary Special Leave Scheme for non-flying employees will be introduced for the first half of next year. “Overall, the restructuring will reduce our operating cash burn by about HK$500 million per month, bringing it down to HK$1.0-1.5 billion per month,” Cathay added.

Source: The Standard November 05, 2020 05:26 UTC