Singapore Airlines Ltd joined other airlines in planning massive job cuts. It is going to eliminate about 4,300 jobs (about 20% of its staff) as it contends with the devastating impact of the COVID-19 pandemic on the aviation industry.
The cuts will probably be made at Singapore Airlines and its SilkAir and Scoot units. Discussions are underway and arrangements will be finalized as soon as possible.
The company is likely to operate less than 50% of its normal capacity by the end of its financial year.
Notably, the airline has no domestic network and is wholly reliant on international demand at a time when many borders remain effectively closed.
Globally, the aviation industry has suffered more than most as the ongoing crisis has stripped companies of cash.