Thursday, November 21, 2024 ਪੰਜਾਬੀ हिंदी

Business

Boeing starts issuing letters to layoff 17,000 workers

November 14, 2024 08:40 PM

Washington, Nov 14 || US aerospace giant Boeing has announced that it is issuing layoff notices, starting this week, to workers as part of the debt-ridden planemaker’s drastic plan to cut 17,000 jobs which works out to 10 per cent of its staff worldwide.

"As previously announced, we are adjusting our workforce levels to align with our financial reality and a more focused set of priorities," Boeing said in a statement.

"We are committed to ensuring our employees have support during this challenging time."

US staff receiving the notices this week will stay on Boeing's payroll until January to comply with federal requirements that make it mandatory to give workers 60 days' notice before ending their employment. The notices have been issued against the backdrop of the revival plan for Boeing put in place by new CEO Kelly Ortberg to get the production of its 737 MAX going which came to a halt due to the long strike by more than 33,000 US West Coast workers of the aerospace giant.

Sales of the MAX are the main contributors to the company’s revenue which raised over $24 billion last month to keep its operations going and ensure that its investment grade rating remains intact as rating agencies have already expressed concern over the issue.

Have something to say? Post your comment