Boeing offers ‘voluntary’ layoffs as coronavirus crisis continues

Boeing will soon be cutting its workforce

Calhoun said the company would have additional information on the program in three to four weeks.

Boeing was already reeling from a prolonged grounding of its 737 Max when the coronavirus pandemic hit, with revenue and cash flow depleted.

Boeing employees in the region had been speaking out before Boeing made a decision to temporarily close its plants last week, saying they were increasingly anxious about the spread of COVID-19 as more coworkers tested positive for the virus.

"It's important we start adjusting to our new reality now", Calhoun wrote in the letter, which addressed the company's efforts to "respond to current market conditions". "We will need to balance the supply and demand accordingly as the industry goes through the recovery process for years to come", he told employees. The aerospace giant announced the plan in a memo to employees from Chief Executive Dave Calhoun, according to CNBC.

The program would allow eligible workers to walk away from the company with a pay and benefits package.

Specifics about the areas to be affected by voluntary layoffs weren't provided, but Calhoun's reference to the commercial airplane market suggests that Boeing Commercial Airplanes will be on the list.

Last month, Boeing said it was looking for $60 billion in public and private assistance to weather the economic effects of the pandemic.

Data compiled by USA -based Johns Hopkins University shows worldwide infections surpassing 1 million, with more than 53,100 deaths.

Boeing will soon be cutting its workforce.

Its share price doubled last week as investors expected government aid to ease a liquidity squeeze but has fallen sharply in recent days as analysts warned more airlines may seek to cancel orders or be unable to take new planes.

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