(RTTNews) - Boeing Co. (BA) is offering buyouts to its workers in an effort to lower workforce, as the aerospace industry has been heavily impacted by the coronavirus pandemic.
Boeing CEO Dave Calhoun told the company's employees that it is starting a "voluntary layoff plan" that will allow eligible workers to leave the company with a pay and benefits package.
"When the world emerges from the pandemic, the size of the commercial market and the types of products and services our customers want and need will likely be different," he said. "It's important we start adjusting to our new reality now," Calhoun said.
In a statement, Calhoun said the program "aims to reduce the need for other workforce actions." Meanwhile, the company did not reveal how many buyouts the company is expected.
"We're in uncharted waters. We're taking actions — including offering this VLO plan — based on what we know today. They will bridge us to recovery as long as we're not confronted with more unexpected challenges. I can't predict with certainty what the next few months will bring, but I can commit to being honest about what's happening and doing everything we can to protect our people and our business through this crisis" Calhoun said.
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