Yesterday, aircraft manufacturer General Electric Co confirmed it was planning on global job cuts, which could hit its aviation division by as much as 25% equating to around 13,000 jobs including both voluntary and involuntary layoffs
GE Aviation previously issued furloughs impacting about 50% of its U.S. maintenance, repair and overhaul employees and new engine manufacturing. It also imposed a hiring freeze, cancelled a salaried merit increase and dramatically reduced non-essential spending.
In the USA, GE Aviation is cutting its costs considerably, its furloughed about 50% of its maintenance, repair and overhaul employees. It implemented a hiring freeze, pay increases cancelled and spending on non-essential items is dramatically reduced.
GE Aviation does meet the criteria for US Government funding and it’s not chosen to take this route. To date, GE is clearly cutting costs are much as it can to prevent requiring any Government funding or bailouts.
GE Aviation is not alone in announcing job cuts, Rolls Royce are planning to cut around 8,000 jobs and last week Boeing announced it would cut its workforce by 10% equating to 16,000 jobs. The Coronavirus pandemic has damaged the aviation industry like never before and these job losses are the start of more to come.
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