Published on : Friday, November 24, 2017
Chinese airlines are circling the disaffected pilots at Hong Kong’s Cathay Pacific Airways, which is offering sky-high salaries to fill the shortage of experienced captains in an expanding aviation industry.
The Chinese airlines carriers, including China Southern Airlines , Hainan Airlines and Juneyao Airlines, will need more than 100,000 new pilots over the next 2 decades, as Chinese aviation industry is booming.
The country trains around 4,700 new pilots a year at home and abroad, but the industry’s sharp growth has left it short of captains with several thousand hours flying experience.
The pilot recruitment firms have flocked to Hong Kong hoping to draw the established pilots from loss-making Cathay Airways, which has this year axed 600 jobs in its biggest round of staff cuts in almost 20 years.
While Cathay Airlines is not firing any of its 2,500 Hong Kong-based pilots, it has warned of cuts next month to their housing allowances, which for some veteran captains can be worth up to HK$100,000 ($12,800) a month.
Some Cathay pilots, who are widely regarded as among the industry’s best-qualified and highest-paid – say cuts could price them out of living in one of the world’s most expensive cities. Many are expatriate Australians, Americans and Britons.
In this regards, some of the Chinese airlines are offering tax-free pay packages of up to $314,000 a year, according to job advertisements in the portals.
It is roughly lines what Cathay captains can earn now, before any allowance cuts. The airline is also looking to diminish the pensions among the cabin crews, air hostess and pilots and increase in the productivity, which is profitable for any aviation company.