Cathay Pacific offers older pilots early retirement as part of coronavirus pandemic restructuring
- Hong Kong carrier says it will offer early retirement to those on historically old contracts, pilots aged 50 and above
- Cathay has projected it will lose HK$9.9 billion (US$1.27 billion) in first six months of year due to Covid-19 pandemic crippling air travel worldwide
The Hong Kong carrier said it would offer early retirement to those on historically old contracts, pilots aged 50 and above.
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Cathay Pacific warns of historic HK$9.9 billion loss due to coronavirus pandemic
They will be paid three months basic salary for each year remaining before normal retirement age plus an extra month’s salary up to a maximum of 12 months, in the special retirement scheme.
Cathay Dragon offered identical terms to pilots over the age of 58.
Captains and first officers on contracts created in 1999, with a retirement age of 55, will be eligible for the scheme if they are 50 and above. Those with contracts dated 2008 or 2018, with a retirement age of 65, will be eligible if they are over 55.
Cathay has projected it will lose HK$9.9 billion (US$1.27 billion) in the first six months of the year as a direct result of the Covid-19 pandemic crippling air travel worldwide.