Boeing offers buyout and early retirement deals as part of the fight against the impact of COVID-19: reports

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Boeing Co.
BA,
-12.36%

offers buy-back and early retirement packages to employees to combat the impact on its business of the coronavirus that causes COVID-19 which has anchored airlines in the world and reduced demand for new aircraft, according to media reports Thursday. The aerospace giant announced the plan in a note to employees of CEO Dave Calhoun, according to CNBC. “It is important that we start to adapt to our new reality now,” he wrote, according to the CNBC report. Boeing has approximately 151,000 employees, about half of whom are based in the Puget Sound area of ​​Seattle. The company called on the federal government to bail out with a $ 60 billion package. The company was struggling before the virus epidemic with the aftermath of the grounding of its 737 Max fleet, following two fatal accidents. However, the job cuts can make it hard for the company to get bailout money. Boeing shares have risen 2.6% before market release but have fallen 60% in 2020 to date, while the Dow Jones industrial average
DJIA,
-4.44%

fell 27% and the S&P 500
SPX,
-4.41%

fell 24%.

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