The ongoing U.S. travel crisis is causing thousands of job cuts as the aviation sector waits for passengers to return to the skies but braces for ...
WASHINGTON: The ongoing US travel crisis is causing thousands of job cuts as the aviation sector waits for passengers to return to the skies but braces for years of lower demand because of the coronavirus pandemic.
On Wednesday, Boeing Co announced it would cut some production rates and eliminate about 16,000 jobs worldwide, or 10per cent of its workforce by year end. Labor union SEIU said Thursday at least 13,000 union members at airports have been laid off and another 1,000 layoffs are planned. The US Treasury has not yet awarded US$3 billion in payroll assistance cash grants approved by Congress for airport contractors such as baggage handlers and airplane caterers.
JPMorgan Chase said in a research note on Friday that"Oct 1 is likely to emerge as one of the darkest days in history for airline labor" - though it noted that Congress could opt to extend additional assistance.
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