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
Get weekly health news
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, while vice-presidents will see a 30 per cent cut.
READ MORE: Coronavirus: Montreal bow company making masks to protect patients at Lakeshore hospital
Directors and managers will take a 20-per-cent cut and group leaders and employees will see a 10-per-cent reduction.
CAE has designed a ventilator prototype to provide life support to patients in intensive care and is working to source components in order to begin production once it is approved by Health Canada.
Comments