Economy

Boeing to offer staff voluntary layoffs, early retirement

Boeing to offer staff voluntary layoffs, early retirement”

The U.S. aerospace company Boeing is launching a voluntary layoff plan as a response to market conditions struggling with coronavirus pandemic.

The initiative was announced by Boeing chief executive officer David Calhoun, who said such belt-tightening was needed amid the hit to the industry caused by the pandemic. "It's important we start adjusting to our new reality now", he wrote, said the CNBC report. "We're taking actions based on what we know today", Calhoun said. It means working hard to meet commitments to our defense and space customers. "We will need to balance the supply and demand accordingly as the industry goes through the recovery process for years to come", he told employees.

News of the voluntary layoffs in the Palmetto State was broken reporter Tim Renaud of WCBD TV-2 (NBC - Charleston, S.C.).

The Wall Street Journal first reported the voluntary buyouts at Boeing.

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US aviation giant Boeing announced a buyout program Thursday that allows employees to leave voluntarily with a benefits package, as the company adjusts to trying conditions in the travel industry brought on by the coronavirus emergency.

Details regarding employee eligibility were not provided, however.

In his letter outlining what Boeing calls its voluntary layoff plan, Mr. Calhoun said: "This move aims to reduce the need for other workforce actions".

Boeing's heavily taxpayer-subsidized North Charleston, S.C. facility employs an estimated 6,000 workers in SC. Boeing's airline customers are seeing a massive decline in revenue because of travel restrictions to contain the spread of the virus, and many have made their own early-out offers to employees.



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