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Hong Kong carrier Cathay Pacific and subsidiaries draw HK$680 million from government’s coronavirus relief fund
- Employment Support Scheme payout will sustain at least 25,881 jobs at the group, which has been struggling through Covid-19 pandemic
- Other new beneficiaries from the huge bailout include KMB, Jones Lang LaSalle Management
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Hong Kong’s embattled flag carrier Cathay Pacific has won some breathing space as the airline and its subsidiaries, which include cargo, frequent flier and laundry businesses, were among the latest recipients of government support, receiving about HK$680 million (US$87.7 million) from the Covid-19 relief package.
The amount could keep afloat the jobs of at least 25,881 of the group’s employees.
The names of the fourth batch of companies granted the government wage subsidies under the Employment Support Scheme, a bailout for businesses to tackle the economic recession triggered by the pandemic, were made public on Tuesday.
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Recipients ranged from small firms to big names such as Cathay Pacific, KMB, Jones Lang LaSalle Management and Kai Shing Management Services, a subsidiary of Sun Hung Kai Properties.
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“The name list … covers about 11,000 employers. These employers have received wage subsidies totalling about HK$6.27 billion [US$809 million] and have committed to maintain a total paid headcount of about 270,000,” the government said in a statement.
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