Boeing has issued a letter to employees outlining a voluntary plan to respond to current market conditions caused by COVID-19 crisis, the company said.
Boeing is focused on keeping employees and communities safe as the COVID-19 pandemic reaches every corner of the globe. The company´s priority is to be protecting the health and safety of our people, their families and the stakeholders we touch.
It will take time for the aerospace industry to recover from the crisis. When the world emerges from the pandemic, the size of the commercial market and the types of products and services customers want and need will likely be different. The company outlined the need to balance the supply and demand accordingly as the industry goes through the recovery process for years to come.
The company is initiating a voluntary layoff (VLO) plan that allows eligible employees who want to exit the company to do so with a pay and benefits package. This move aims to reduce the need for other workforce actions.
Boeing said it intends to deliver on commercial, defense and space, and services programs, including driving the safe return to service of the 737 MAX.