Webinar :Register now for webinar on 'Trade BankNifty in just 15 minutes a day' - By Asmita Patel
you are here: HomeNewsWorld
Last Updated : Oct 04, 2020 06:10 PM IST | Source: Moneycontrol.com

COVID-19 impact | Airbus COO Michael Schoellhorn signals 15,000 job cuts

The planemaker has been trying to convince its workers to leave voluntarily to limit tougher measures.

With the aviation sector facing huge losses amid the coronavirus pandemic, Airbus SE is mulling to carry out its job-cutting plan and proceed with eliminating 15,000 positions, Bloomberg reported on October 4, quoting the company's Chief Operating Officer Michael Schoellhorn.

Airbus' Chief Operating Officer Michael Schoellhorn said the company currently has 'no plans to expand the program'. Schoellhorn said this 'is the minimum of what we have to do' during an interview with German daily Handelsblatt.

Airbus to be 'resized,' could cut output again: Sources.


The top planemaker is grappling with an unprecedented loss due to the decline in air travel across the globe amid the coronavirus restrictions. Reports also said that the firm has been trying to convince its workers to leave voluntarily to limit tougher measures.

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more

Meanwhile, the European rival to Boeing Co. is in talks with the labour unions on the restructuring procedure. However, Schoellhorn stated that it's too early to rule out forced layoffs.

The Airbus SE COO also said the company has quashed plans to close plants in Germany. "In terms of substance, I do not see any German locations at risk at the moment," Schoellhorn was quoted as saying in a Reuters report.

Airbus shedding 15,000 jobs, mostly in Europe. 

Earlier in September, its chief executive Guillaume Faury had said the planemaker would do its best to cut costs without resorting to compulsory redundancies. However, he warned that Airbus may opt for compulsory layoffs after air travel failed to recover from the pandemic.
First Published on Oct 4, 2020 06:10 pm