United to Cut More Than 16,000 Jobs Due to COVID-19 Travel Slowdown
United Airlines Holdings (NASDAQ: UAL) told employees Wednesday it expects to furlough more than 16,000 workers as soon as next month as a government program that provided payroll support comes to an end.
The COVID-19 pandemic has caused travel demand to dry up, leading airlines to cut their schedules and look for ways to reduce costs. But to date, there has been no layoffs thanks to the CARES Act, which provided the industry with $25 billion in payroll assistance in return for a moratorium on involuntary job cuts through Sept. 30.
Image source: United Airlines.
Source Fool.com