41 MILLION JOBS LOST; HOMEBOUND GEAR UP TO GET OUT, WAY OUT

Techlife News|Techlife News #448

41 MILLION JOBS LOST; HOMEBOUND GEAR UP TO GET OUT, WAY OUT
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments related to the national and global response, the workplace, and the spread of the virus.

IMMOBILIZED

Job cuts in the transportation industry have arrived this week by the thousands. The auto industry has suffered a number of setbacks, including interrupted production do to infection.

— American Airlines will cut its 17,000 management and support staff by 30%, about 5,100 jobs. Layoffs may begin in October if enough employees do not take buyout offers.

Executive Vice President Elise Eberwein said in a memo to employees that nearly 39,000 people have signed up for partially paid leave or early retirement, and the airline has extended a buyout offer to administrative staff. Laid-off workers will be paid through Sept. 30 to comply with a no-furloughs provision attached to $5.8 billion in federal aid that American is getting to help cover payroll costs.

— European budget carrier easyJet will cut up to a third of its workforce because of the pandemic. The airline has around 15,000 full-time employees — meaning some 4,500 jobs are at risk. The British carrier resumes limited service on June 15, but estimates that it may take three years to get back to 2019 demand levels.

— Nissan Motor Co. is closing its manufacturing plants in the northeastern Catalonia region in Spain, costing 3,000 jobs. The Industry Ministry in the financially strapped country are asking the Japanese automaker to reconsider. But auto sales globally are in retreat.

NOT ALL RETAIL NEWS IS BAD NEWS

articleRead

You can read up to 3 premium stories before you subscribe to Magzter GOLD

Log in, if you are already a subscriber

GoldLogo

Get unlimited access to thousands of curated premium stories and 5,000+ magazines

READ THE ENTIRE ISSUE

Techlife News #448