No need for concessions
Thread Starter
Joined: Mar 2015
Posts: 428
Likes: 20
From: HKG
No need for concessions
CX Group reports loss of HK$4.5 billon 1/4 of this calendar year.
https://www.scmp.com/news/hong-kong/...-combined-hk45
At the end of March they reported they had HK$20 billon in liquidity. They then raised another HK$5.5 billon selling some old 777s.
So if we are losing HK1.125 billon per month we have enough liquidity to last 22 months before calling on Swire or Qatar to provide additional liquidity or selling further assets.
As a signifiant proportion of our pay is only paid if we fly (hourly duty pay), we have already made big enough concessions, let alone those who have salary reductions of 20% or 50%. Any further requests by the company are unwarranted. There is even less need for long term concessions. And yes, I do know the company will love the opportunity to stick it to use.
https://www.scmp.com/news/hong-kong/...-combined-hk45
At the end of March they reported they had HK$20 billon in liquidity. They then raised another HK$5.5 billon selling some old 777s.
So if we are losing HK1.125 billon per month we have enough liquidity to last 22 months before calling on Swire or Qatar to provide additional liquidity or selling further assets.
As a signifiant proportion of our pay is only paid if we fly (hourly duty pay), we have already made big enough concessions, let alone those who have salary reductions of 20% or 50%. Any further requests by the company are unwarranted. There is even less need for long term concessions. And yes, I do know the company will love the opportunity to stick it to use.
Last edited by controlledrest; 7th June 2020 at 04:07.
Joined: Apr 2006
Posts: 674
Likes: 10
From: Krug departure, Merlot transition
Hear hear!
To be fair I could countenance more temporary concessions, let’s face it, this is the most serious crisis to face aviation in our lifetimes. However retaining their entire workforce (with an eye to taking full advantage of the eventual recovery) whilst looking for permanent concessions would indeed be an opportunistic corporate money grab.
To be fair I could countenance more temporary concessions, let’s face it, this is the most serious crisis to face aviation in our lifetimes. However retaining their entire workforce (with an eye to taking full advantage of the eventual recovery) whilst looking for permanent concessions would indeed be an opportunistic corporate money grab.
Joined: Apr 2019
Posts: 122
Likes: 0
From: Hong Kong
CX Group reports loss of HK$4.5 billon 1/4 of this calendar year.
https://www.scmp.com/news/hong-kong/...-combined-hk45
At the end of March they reported they had HK$20 billon in liquidity. They then raised another HK$5.5 billon selling some old 777s.
So if we are losing HK1.125 billon per month we have enough liquidity to last 22 months before calling on Swire or Qatar to provide additional liquidity or selling further assets.
As a signifiant proportion of our salaries is only paid if we fly, we have already made big enough concessions, let alone those who have salary reductions of 20% or 50%. Any further requests by the company are unwarranted. There is even less need for long term concessions. And yes, I do know the company will love the opportunity to stick it to use.
https://www.scmp.com/news/hong-kong/...-combined-hk45
At the end of March they reported they had HK$20 billon in liquidity. They then raised another HK$5.5 billon selling some old 777s.
So if we are losing HK1.125 billon per month we have enough liquidity to last 22 months before calling on Swire or Qatar to provide additional liquidity or selling further assets.
As a signifiant proportion of our salaries is only paid if we fly, we have already made big enough concessions, let alone those who have salary reductions of 20% or 50%. Any further requests by the company are unwarranted. There is even less need for long term concessions. And yes, I do know the company will love the opportunity to stick it to use.
Thread Starter
Joined: Mar 2015
Posts: 428
Likes: 20
From: HKG
Much of this 'loss' is a book loss, not a cash loss, so the liquidity position is even better. No reason whatsoever for concessions. Google Forbes article, things aren't aren't as bad as one would think.
Joined: Oct 2018
Aviation Qualifications: PPL
Posts: 12,252
Likes: 1,663
From: Ferrara
I'm astonished............. do you REALLY think that's the case? that the airline isn't going to turn the screws until you scream???? CX wasn't a brilliant investment pre-covid - right now, and with the developing political rucus with the USA it look even sicker.
You're also likely to be looking at people pulling the strings who know what the other Chinese Airlines have as T&C - they're going to compare & contrast................ You have absolutely no leverage here - if CX went bust it wouldn't be noticed - the others airlines would just step in
You're also likely to be looking at people pulling the strings who know what the other Chinese Airlines have as T&C - they're going to compare & contrast................ You have absolutely no leverage here - if CX went bust it wouldn't be noticed - the others airlines would just step in
Thread Starter
Joined: Mar 2015
Posts: 428
Likes: 20
From: HKG
No, I REALLY didn't say that. I REALLY believe that the company will stick it to us. I also REALLY believe that in CX's case there isn't a compelling financial reason for us to be shafted. It doesn't matter what other airlines pay, with seniority most of us are stuck where we are. CX has the liquidity to ride this out without screwing us over.
Thread Starter
Joined: Mar 2015
Posts: 428
Likes: 20
From: HKG
Don't forget we were also screwed over for 13th, the profit sharing scheme is a joke and regardless of record profits in past years we haven't received a profit share and most of us have given SLS.
Joined: Nov 2015
Posts: 748
Likes: 0
From: HK-CRoC
La La La La
No, I REALLY didn't say that. I REALLY believe that the company will stick it to us. I also REALLY believe that in CX's case there isn't a compelling financial reason for us to be shafted. It doesn't matter what other airlines pay, with seniority most of us are stuck where we are. CX has the liquidity to ride this out without screwing us over.
What planet are you living on ? Certainly NOT the one named reality !!!
Joined: Apr 2019
Posts: 122
Likes: 0
From: Hong Kong
Last edited by AllWobbly; 8th June 2020 at 14:03.
Joined: Dec 1998
Posts: 223
Likes: 66
Looks like CX's window of opportunity to screw its employees is narrowing quickly...
https://www.cnbc.com/2020/06/07/stoc...lose-news.html
https://www.cnbc.com/2020/06/07/stoc...lose-news.html
Joined: Nov 2018
Posts: 408
Likes: 1
From: Bonvoy Marriott
Looks like CX's window of opportunity to screw its employees is narrowing quickly...
https://www.cnbc.com/2020/06/07/stoc...lose-news.html
https://www.cnbc.com/2020/06/07/stoc...lose-news.html
Joined: Dec 2010
Posts: 438
Likes: 0
From: Here ---> X
No need for concessions?
The problem isn't the need for them or not, it's whether CX can get away with forcing us to take them. And unless you believe the job market is hot at the moment, then yes, they can.
When they pull a BA and dismiss everyone with 24 hours to sign POS18 (or an even POS-er 20), what do you think most will do?
In fact, standby for incoming... trading has halted this morning.
This storm is only starting, and we'll all pay for it for the rest of our careers.
The problem isn't the need for them or not, it's whether CX can get away with forcing us to take them. And unless you believe the job market is hot at the moment, then yes, they can.
When they pull a BA and dismiss everyone with 24 hours to sign POS18 (or an even POS-er 20), what do you think most will do?
In fact, standby for incoming... trading has halted this morning.
This storm is only starting, and we'll all pay for it for the rest of our careers.
Joined: Aug 2006
Posts: 405
Likes: 3
From: The Cesspit
No need for concessions?
The problem isn't the need for them or not, it's whether CX can get away with forcing us to take them. And unless you believe the job market is hot at the moment, then yes, they can.
When they pull a BA and dismiss everyone with 24 hours to sign POS18 (or an even POS-er 20), what do you think most will do?
In fact, standby for incoming... trading has halted this morning.
This storm is only starting, and we'll all pay for it for the rest of our careers.
The problem isn't the need for them or not, it's whether CX can get away with forcing us to take them. And unless you believe the job market is hot at the moment, then yes, they can.
When they pull a BA and dismiss everyone with 24 hours to sign POS18 (or an even POS-er 20), what do you think most will do?
In fact, standby for incoming... trading has halted this morning.
This storm is only starting, and we'll all pay for it for the rest of our careers.
”Need” and “Want” have been interchangeable verbs for years on both sides of the industrial table. For years each side has been able to industrially counter the other side’s wants.
I’m honestly out of ideas to how the pilots will counter management’s wants this time. I suspect the nil all draw deadlock is about to be broken.