Eastar Jet to cut more than half of payroll to become leaner for new sale

South Korean budget carrier Eastar Jet is letting go of more than half of its employees after its sale flopped, setting the stage of massive restructuring in the airline industry grappling with global virus crisis. The airliner on Monday sent out redundancy notices to 605 out of its total 1,100 employees, according to industry sources. The employees will be dismissed by Oct. 14. Another 90 had already left by opting for early retirement last month. It will be left with less than 500, or the essential crew for flight and maintenance of six aircrafts. It hopes the streamlining will help entice new investors to keep afloat until the virus storm dies down. Those let go had been promised of being invited back when conditions improve, according to the company. This would the first massive downsizing by a Korean airline after the virus outbreak. <br/>