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Cathay Pacific launches Voluntary Early Retirement Scheme for cabin crew

04 May 2006

Fact Sheet

• Cathay Pacific Airways is inviting cabin crew who are interested to consider an early retirement to apply for the Voluntary Early Retirement (VER) scheme which will be available from now until 5 p.m. 9 June 2006.

• The scheme is open to Hong Kong-based cabin crew who joined the In-flight Services Department (ISD) on or before 31st December 1991. About a quarter of the existing 6,800 crew - approximately 1,600 - are eligible to apply

• This is a purely voluntary scheme, designed both as a means of facilitating the lifestyle aspirations of some of our cabin crew, and as a means of contributing to our ongoing cost management efforts to remain competitive.

• Cathay Pacific is not planning to reduce crew numbers, nor will we be introducing redundancies or forced early retirement.

• The airline is continuing to actively recruit and promote cabin crew to support the airline's aggressive growth strategy. The crew who leave under the scheme will be replaced through recruitment of new staff and promotion of existing crew. This scheme therefore creates greater opportunities for the overall crew community. For example, we plan to recruit 800 new crew and promote 500 existing crew this year.

• Crew members whose applications to participate in the VER scheme are accepted will receive a payment on cessation of employment equivalent to their last monthly salary multiplied by the number of service years as cabin crew, divided by 20 and then multiplied by the number of available working years.

{(Last monthly salary x Service Years as cabin crew)/20 x Available working years}

• The additional Voluntary Early Retirement payments may be as high as 17 months of a crew's monthly salary, depending on the individual's service years as cabin crew and available working years.

• This is a one-off opportunity for voluntary early retirement. The airline has placed no target on the number of applications. Crew members whose VER applications are accepted will leave over a 12-month period in accordance with the airline's manpower planning needs.