Boeing cutting thousands of jobs as company loses money during COVID-19 pandemic

Business
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(CNN) – Nearly 7,000 Boeing workers lost their jobs on Wednesday and there are more lay-offs coming.

The aircraft maker is looking to cut 16,000 jobs total.

With airlines losing money during the COVID-19 pandemic, they weren’t asking Boeing to make more planes, so Boeing ended up having to slash production plans for at least the next few years.

A company spokesperson said about 5,500 employees accepted a voluntary buyout package, so that brings jobs cuts there to more than 12,000 so far.

The rest of the cuts set to happen over the next few months.

Boeing’s CEO said it’ll take years for the industry to return to what it was before the pandemic.

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