GE: aviation unit to cut 10% of US workforce
(CercleFinance.com) - GE said on Monday that its aviation unit was planning to cut its total US workforce by approximately 10% as a result of the coronavirus pandemic.
In a statement, the Boston-based conglomerate said it expects a temporary lack of work impacting approximately 50% of its US maintenance, repair and overhaul employees for 90 days.
Starting in April, the unit's CEO, David Joyce, will also forgo half of his salary.
These measures come in addition to a freeze on recruitment, the cancellation of the merit increase for salaried staff, a dramatic reduction of all non-essential spending, and a significant decrease in its contingent workforce.
Taken together, GE expects that these cost and cash actions will save it between 500 million and 1 billion dollars in 2020.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
In a statement, the Boston-based conglomerate said it expects a temporary lack of work impacting approximately 50% of its US maintenance, repair and overhaul employees for 90 days.
Starting in April, the unit's CEO, David Joyce, will also forgo half of his salary.
These measures come in addition to a freeze on recruitment, the cancellation of the merit increase for salaried staff, a dramatic reduction of all non-essential spending, and a significant decrease in its contingent workforce.
Taken together, GE expects that these cost and cash actions will save it between 500 million and 1 billion dollars in 2020.
Copyright (c) 2020 CercleFinance.com. All rights reserved.