Cathay Plans Job Cuts Overseas Amid Competition From China Rivals
- Employees were briefed on reorganization, retirement program
- Cathay faces competition from budget airlines, China carriers
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Cathay Pacific Airways Ltd. offered a voluntary early retirement package to employees in Japan as part of a three-year restructuring effort to revive earnings growth.
Cathay is undergoing a “comprehensive review” of regional organization including Northeast Asia, which consists of Japan, Taiwan and Korea, the airline’s Japan office said in emailed comments. Employees in Japan were briefed on the general outline of the new organization at a July 23 meeting, where the voluntary early retirement program was also announced, it said.