A two-month wage subsidy makes sense if the problems are temporary.
But we know that CX is faced with a huge reduction in demand for years to come. Further postponing necessary drastic cost cutting makes no sense. IAnd there are other costs that can be cut besides wages if headcount is reduced. If some significant bailout money was offered in addition to wage subsidy, CX might have considered it, but that is not what the HK Government is willing to do.

SIA is in a somewhat similar situation as it has no domestic network. But it has the Singapore government backing. Still, job cuts have started to be announced.