ASIA Travel Tips.com

 

Cathay Pacific confirms 2% Salary Increment for 2009 and Ex-Gratia Payment for Eligible Staff

Search ASIA Travel Tips .com Latest Travel News Send to Friend Thursday, 20 November 2008

Cathay Pacific has confirmed that all eligible Hong Kong-based staff will receive an average salary increase of 2% in 2009.

While the current difficulties the airline is facing mean it is unable to pay one month’s salary as a discretionary year-end bonus to eligible employees, it will however make an ex-gratia payment to all eligible Hong Kong-based employees of an amount equal to half a month’s salary or HK$8,000, whichever is the greater.

Cathay Pacific posted an interim loss of HK$663 million in August and recently issued its second profit warning of the year, stressing that its full results for 2008 are expected to be disappointing.

Cathay Pacific Chief Executive Tony Tyler said, “We are keenly aware of the concerns and worries of the staff at this time about job security, pay and benefits, so I am pleased to be able to announce the salary increment for 2009 along with the ex-gratia payment for eligible staff. These adjustments are being made in recognition of our team’s great contribution to our past success – and I have no doubt that together we will succeed again in future.”

Mr Tyler said it was clear that Cathay Pacific has been badly hit by the twin challenges of exceptionally high fuel prices earlier in the year and the fallout from the global financial crisis.

“We are in turbulent times, and things will get worse before they get better. As a commercial airline with no government financial support or subsidies, we have to manage our resources in a responsible and prudent manner in the interests of our shareholders and staff. We have made our intention clear from the outset that we will do all we can to maintain our network and keep our team together. This is an important part of our strategy to come through the crisis in sufficiently good shape to take advantage of the upturn when it comes,” he said.

Mr Tyler added that the economic environment remains very volatile, and stressed the airline will have to continue to keep a very close eye on  developments. “The financial health and well-being of the company is our paramount objective, and we will have to take whatever steps are necessary to secure and protect this,” he said.

See other recent news regarding: Airlines, Aviation, Flights, HotelsPromotions, New Hotels, Cathay Pacific

Subscribe to our Latest Travel News Daily Email Free of Charge by simply entering your email address to the right. You can also stay updated with our RSS Feed Free Travel News RSS Feed and even add the travel news to your website. Have questions? Please read our travel news FAQ.
     
Sustainable Hotels and MICE. Exclusive HD video interview with Grace Kang, Managing Partner of Greenview Hospitality. Criteo Travel Flash Report 2016. Exclusive HD video interview with Mr. Daniele Beccari, Global Head of Travel at Criteo. Chef Fernando Arevalo, originally from Bogota, Colombia, worked his culinary magic in New York and Hong Kong before moving to Singapore where he is today the Executive Chef of Artemis Grill on the 40th floor of Singapore's newest green building - CapitaGreen.
Sustainable Hotels and MICE Criteo Travel Flash Report Colombian Chef in Singapore
Exclusive HD video interview with Mr. Hiroshi Sawabe, Executive Director of the Office of International Tourism, at JATA (Japan Association of Travel Agents). In this interview filmed on 24 September at the JATA Tourism Expo 2016 in Tokyo, Japan, Mr. Sawabe speaks to Steven Howard of TravelNewsAsia about the status of tourism within the country. HD Videos from Sabre's Travel Technology Exchange APAC 2016. Sabre, a leading technology provider to the global travel industry, hosted over 500 members of the Asia Pacific travel industry at its inaugural Asia Pacific Travel Technology Exchange (TTX) conference in Beijing from 21 to 24 September 2016 Spa and Wellness Industry - HD Video Interview with MD of Thailand-based Destination Spa Management, Joy Menzies.
Japan Tourism Update Sabre TTX APAC 2016 Destination Spa Management
Jonathan Wigley, CEO of Travelodge Thailand, outlines expansion plans in HD Video Interview. Exclusive HD video interview with Myanmar's Minister of Tourism and Hotels, H.E. U Ohn Maung, about the status of tourism in the beautiful and mystical country of Myanmar (formerly known as Burma). Birth of a Luxury Thai Hotel Brand - HD Video Interview with Christopher E. Stafford, Chief Operating Officer of the newly formed 137 Pillars Hotels & Resorts.
CEO of Travelodge Thailand Myanmar Tourism Update Birth of Luxury Thai Hotel Brand
This HD video tour of Thai AirAsia X's brand new 337-seat Airbus A330-300 aircraft was filmed at Don Mueang Airport in Bangkok, Thailand on 14 May 2014  Exclusive HD video interview with Jaime J. Bautista, President & Chief Operating Officer (COO) of Philippine Airlines (PAL) HD video of the interior and exterior of a Thai Vietjet Airbus A320-200.
Thai AirAsia X A330-300 PAL President & COO Thai Vietjet A320-200
Inside Qatar Airways Boeing 787-8 Dreamliner - HD Video It takes 800 workers between 65 and 80 days to assemble, install, test, paint, furnish and deliver an Emirates Airbus A380. Showers, Bars, Lounge - The Emirates Airbus A380 Has Them All - HD Video Tour Thai Airways International Takes Delivery of Brand New Boeing 777-300ER
Qatar Airways B787 Emirates A380 Thai Airways B777-300ER

Latest Travel News
Advertising
Advertising

 
Copyright © 1997-2017 ASIATravelTips.com/TravelNewsAsia.com