Airbus extends furloughs in UK, Spain in latest effort to tackle COVID-19 fallout By Reuters

Airbus extends furloughs in UK, Spain in latest effort to

© Reuters. FILE PHOTO: The Airbus logo is pictured at Airbus headquarters in Blagnac near Toulouse

By Kanishka Singh

(Reuters) – European planemaker Airbus SE (PA:) said on Friday it is extending furlough programs for 5,300 of its employees in Spain and the United Kingdom in its latest effort to cope with the impact of the coronavirus outbreak.

“This will be effective from 20th May till 30th September and affects all Airbus Operations SL employees in Spain (with some exceptions), which means around 3,100 employees”, an Airbus spokesman told Reuters in an emailed statement

“Airbus Helicopters and Airbus DS employees in Spain are not impacted”, the spokesman said.

In the United Kingdom, the period of furlough for about 2,200 Airbus workers will start on July 20 and end on Aug. 9, the statement said.

“In France, all employees of the commercial aircraft division are in some way affected”, the spokesman said. He added about 29,500 employees in France were working on average about 30% shorter weeks.

Sources told Reuters in May that Europe’s largest aerospace group was exploring restructuring plans involving the possibility of “deep” job cuts as it braced for a prolonged coronavirus crisis after furloughing thousands of workers.

The company had told senior staff it must be “resized” in plans to be set out around end-June. The coronavirus pandemic has led to a global airline crisis, with carriers and suppliers pleading for help.

Earlier this month, France unveiled what it described as a 15-billion-euro ($16.76 billion) support package for its aerospace industry, saying huge numbers of jobs were at stake amid a slump in air travel demand due to the coronavirus.

The total included 7 billion euros of aid already announced for Air France (PA:) and an acceleration of existing orders for Airbus tankers and other military kit, the French government said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.