Hong Kong, October 21: Cathay Pacific Airways said on Wednesday it would slash 5,900 jobs and close Cathay Dragon brand as it grapples with a plunge in demand from the coronavirus pandemic.

According to a Reuters report, the restructuring will cost HK$2.2 billion ($283.9 million) and the airline will also seek changes in conditions in its contracts with cabin crew and pilots. The airline informed that it will cut  8,500 positions or 24 percent of its normal headcount, but that also includes 2,600 roles currently unfilled due to cost reduction initiatives. Hong Kong Government Approves USD 5 Billion Bailout for Cathay Pacific Airways.

Cathay Pacific to Slash 5,000 Jobs due to low demand amid coronavirus pandemic:

Cathay Pacific in a statement informed that the future remains highly uncertain and it is clear that the recovery is slow,  citing the International Air Transport Association's expectation it will take until 2024 for passenger traffic to recover to pre-COVID-levels.

(The above story first appeared on LatestLY on Oct 21, 2020 07:34 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).