Report: 25% of Southwest Airlines Employees Accept Buyouts, Extended Leave
More than 25% of Southwest Airlines (NYSE: LUV) employees reportedly have volunteered to take buyouts or extended leaves of absence boosting the airline's effort to avoid resorting to furloughs for the first time in its nearly 50 year history.
Southwest and other airlines have been hit hard by the COVID-19 pandemic, which has cut into demand for air travel. The industry is prohibited from doing layoffs through Sept. 30 as a condition for receiving federal bailout funds, but with travel demand likely to be limited through 2021 at a minimum the airlines are looking for ways to cut costs.
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Source Fool.com
