Boeing’s recent announcement of significant layoffs has sent shockwaves through the aerospace industry and is likely to have far-reaching economic impacts, including potential effects on California’s economy.
Boeing’s Layoff Plan
Boeing has announced plans to reduce its workforce by approximately 10%, which translates to about 17,000 jobs across the company. This decision comes as the aerospace giant struggles with major financial struggles, including $25 billion in losses over the past five years. The layoffs are part of a broader strategy to align the company’s workforce with its financial reality and priorities.
Key details to understand about the layoffs include:
- Notices have already been issued to 2,199 workers in Washington state.
- 438 members of the Society of Professional Engineering Employees in Aerospace (SPEEA) have received layoff notices.
- The layoffs affect various sectors within the company, including machinists, engineers, and technical workers.
- Affected employees will remain on the payroll until January 17, 2025, and will receive severance packages and assistance in finding new employment.