💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadExplore for free

Canada's Enbridge says 800 workers take voluntary buyouts

Published 2020-06-17, 05:02 p/m
© Reuters.
ENB
-

(Reuters) - Enbridge Inc (TO:ENB), Canada's largest pipeline operator, said on Wednesday about 800 employees have opted for voluntary buyouts, as the company tries to reduce costs to tackle the COVID-19 crisis and the global oil price shock.

In an email response to Reuters, Calgary-based Enbridge said it was offering employees the option to voluntarily select early retirement, severance, leaves of absence or part-time work.

"As a result of these actions, we won't need to pursue company-wide layoffs at this time," a company spokesperson said.

Enbridge is reducing base pay across its non-union workforce, with the board of directors and CEO Al Monaco taking a 15% cut and the company's executive vice presidents taking a 10% cut.

A recent plunge in global crude prices due to a pandemic-driven drop in demand and excess supply has battered Canada, the world's fourth-largest crude producer.

Last month, Enbridge said it has deferred C$1 billion ($737.57 million) in capital spending and cut costs by C$300 million, including salary cuts and retirements.

(This story corrects paragraph 4 to clarify that the pay-cut range of 10% to 15% is for Enbridge's directors, CEO and EVPs, and not across the non-union workforce)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.