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Finance & Economics

COVID-19 to cause layoffs and pay cuts across various industries?

Apr 09, 2020

Coronacrisis has negatively impacted businesses across almost all industries

COVID-19 to cause layoffs and pay cuts

COVID-19 to cause layoffs and pay cuts across various industries. Source: shutterstock.com

Due to the negative impacts of the coronavirus outbreak, many companies considering lay-offs and other pay cuts, according to GlobalData.

For instance, the travel & tourism industry is among the worst affected. The data found that IndiGo has announced pay cuts for senior employees. whereas Qatar Airways has implemented temporary downsizing of its staff at Hamad International Airport by 40%.

While travel restrictions and event cancelations are affecting the travel and tourism industry, it is also resulting in a drop in demand for jet fuel, as well as other fuel types, thereby adding to the woes for the oil and gas industry, which is already facing challenges associated with oversupply and declining prices. Furthermore, supply chain disruptions ensued by lockdowns have remained a major concern for several other industries
Aurojyoti Bose, Lead Analyst at GlobalData

As to the automotive industry, it is among the key industries affected by supply chain disruption. This way, Fiat Chrysler is taking a 50% pay cut for 3 months and General Motors Korea announced pay cuts along with delaying payments to 20% of its senior management workers. What is more, Tesla revealed it was downsizing its workforce at its Gigafactory 1 by 75%.

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