Cathay Pacific takes a HK$300m hit in redundancy payouts for 600 staff

Cathay Pacific Airways will take a one-off hit of HK$300 million in redundancy payments as it sacks hundreds of employees in a major restructuring and cost-cutting exercise to reverse losses.

Hong Kong's flagship airline disclosed the huge bill at a meeting last Friday with analysts from financial institutions and research firms.

600 people have been laid off since last month, part of a 3-year transformation of the business after the company lost HK$575 million last year.

More news, Cathay Pacific takes a HK$300m hit in redundancy payouts for 600 staff


Source : 
1) www.scmp.com