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Cathay Pacific denies report of additional 200 redundancies
Cathay Pacific Airways (Hong Kong Stock Exchange: 293-HK) has denied a report that it is retrenching another 200 employees, a day after the airline said it was cutting 600 jobs in its biggest headcount reduction in almost two decades.
South China Morning Post, citing sources, reported on Monday that the airline "is not done with its staff restructuring" and will retrench 800 employees. The additional 200 redundancies will be from junior ranks, the report said.
But on Tuesday, Cathay denied the report.
"The number of redundancies resulting from the transformation program is around 600, as we announced to our people and the public yesterday. Rumors of other figures are incorrect," a Cathay spokesperson told CNBC on Tuesday.
The Hong Kong carrier on Monday said the 600 job cuts are the first step in a three-year reorganization plan to return to profitability in an increasingly competitive industry. Last year, the airline posted its first annual loss since 2008 and is expected to be in the red again this year.
The cuts represent 25 percent of management staff and 18 percent of non-managerial positions at its Hong Kong head office. The company had some 33,700 employees globally as of March.
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