Coronoavirus outbreak: CAE announces temporary layoffs, reduced work week

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By The Canadian Press

Posted April 6, 2020 9:12 am

Updated April 6, 2020 9:17 am

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2:01COVID-19 companies developing PPE to help health care workers

A few Montreal-based companies have decided to do their part in helping health-care workers by developing and delivering personal protective equipment (PPE). As Global’s Tim Sargeant reports, they’re distributing important equipment such as ventilators and surgical masks to front-line workers.

CAE Inc. is temporarily laying off about a quarter of its staff, cutting salaries and suspending its dividend and share repurchase plan in response to the COVID-19 pandemic.

The company, headquartered in Montreal, says it is temporarily laying off 2,600 of its 10,500 employees and placing another 900 employees on a reduced work week.

READ MORE: Montreal-based companies ramping up medical supplies to fight COVID-19

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The company also announced salary freezes and salary reductions for staff not affected by reduced work weeks.

It says its chief executive and executive team will take a 50 per cent reduction,

 » READ MORE FROM GLOBAL NEWS

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