Cathay Pacific Airways has revealed details of the revised pay agreement that its senior pilots have accepted, as negotiated between the company and its aircrew union, the Hong Kong Aircrew Officers Association (AOA).
Of the more than 700 A-scale - senior - pilots that responded to the offer, a vast majority accepted the terms of the agreement, while 45 chose to leave the airline voluntarily. In the terms of the agreement, A-scale pilots based in Hong Kong are asked for salary concessions averaging 7%, while those outside Hong Kong get pay cuts of 18 % to 22%. They will be compensated for the cuts with company stock options. B-scale pilots will be given pay increases.
Pilots who chose the voluntary separation scheme will leave the company over the next six months. Each will be given either two thirds of a month's salary multiplied by years of service, or three months salary multiplied by the number of years to retirement - whichever is lower.
"The disruptions we have faced are now behind us and we are making every effort to restore services to normal as fast as possible," says Cathay Pacific's Director Sales and marketing Peter Buecking.
Source: Flight Daily News
