Decline in revenue-passenger kilometre and high cash burn rate are compelling various airlines to cut jobs. Now Cathay Pacific Airways is cutting over 5,000 jobs in Hong Kong and closing its Cathay Dragon brand. Cathay Pacific joins a growing list of airlines, which have been cutting jobs or plan to do so. Recently, Singapore Airlines and Qantas Airways reduced their workforce by 20% and 30%, respectively. Airlines across the globe are going through the most severe crisis that they have ever encountered. Compared to the impact of SARS on the aviation industry, the monetary impact of COVID-19 is expected to be 45-50 times higher. Animesh Kumar, Director of Travel and Tourism Consulting at GlobalData, a leading research and consulting company, said: “Several countrie...
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