Airbus COO Expects 15,000 Job Cuts Due To COVID-19

• Aerospace company Airbus COO Michael Schoellhorn expects at least 15,000 job cuts due to the COVID-19 pandemic.
• According to the reports, The ongoing COVID-19 pandemic crisis is the worst ever encountered in the aviation industry.
• The Indian aviation industry has lost almost Rs 24,000 crore revenue due to the COVID-19 lockdown.

The European aerospace company Airbus SE COO Michael Schoellhorn said in an interview with Handelsblatt that he expects a minimum of 15,000 job cuts due to the Coronavirus outbreak on the aviation industry.

He further told that the company is planning to reduce its workforce by cutting 15,000 jobs in the company. “the minimum of what we have to do," he further said that the company doesn't have any plans to expand and work on new projects.

The company is in talks with unions and partners on restructuring, and Schoellhorn said it is still too early to rule out forced layoffs.

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Last month, Airbus SE CEO Guillaume Faury said that the company is working at its best to reduce costs without resorting to compulsory redundancies, but it could not guarantee they won’t happen.

He further said to its employees, The company may have to carry out compulsory layoffs if the air travel continues to fail to recover from the COVID-19 pandemic. reported by Bloomberg.

The aviation industry was the most worst impacted industry due to the Coronavirus outbreak. Statista estimated that the aviation industry has suffered a $314 billion loss in revenue due to the pandemic.

According to the analytical company CRISIL report, It was told that the Indian aviation industry could face more than Rs 20,000 crore loss in revenue due to the extended lockdown.

Indian airline companies such as Indigo, AirIndia, Go Air, Air Asia, etc. suffered huge losses due to the coronavirus outbreak.

About - Airbus SE is a European aerospace company founded in 1970 by Franz Josef Strauss, Henri Ziegler, Bernard Lathière, Felix Kracht, and Roger Béteille. Airbus is one of the world's largest airplane maker company.

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