From Bloomberg:
Cathay Pacific Fires 49 Pilots, to Introduce New Pay Package
Hong Kong, July 9 (Bloomberg) -- Cathay Pacific Airways Ltd.
fired 49 pilots after a week of flight disruptions by union members and will introduce a new pay package to all pilots with immediate effect.
"We have identified those (pilots), we feel, cannot be relied upon to act in the best interest of the company in the future,'' said Tony Tyler, Cathay's director of corporate development at a press meeting. "We have essentially lost confidence in those employees who have been terminated.''
Cathay said 23 of the fired pilots are captains and 26 are first officers.
The new contracts include pay increases of as much as 9 percent, higher housing, maternity and education benefits and improvements in work scheduling practices.
"This package is not quite as generous as the proposal we made to the union leadership at the end of June,'' Tyler said.
"This is because, frankly, there is less money available as a result of the damage done to the company by the union's industrial action.''
Shares of Asia's fifth-biggest carrier fell for a third day as Cathay cancelled 39 of its 122 flights today. Pilots followed a union request to abide strictly by their contracts, including turning up no earlier than 80 minutes before takeoff.
BSP