Southwest Airlines Co on Monday extended buyout packages and temporary paid leaves to employees in what its chief executive said was an effort to"ensure survival" as the carrier braces for a slow recovery from the coronavirus pandemic, according to documents detailing the packages that were seen by Reuters.
Southwest, which has not imposed any layoffs or furloughs in its 49-year history, said its flying capacity would probably be down about 30per cent in the fall."While overstaffing isn't tied 100per cent to capacity levels, it would be fair to assume that we are overstaffed in many areas by a similar percentage," Southwest said in the documents.
Buyouts are being offered to employees depending on their time with the company. Employees with more than 10 years experience would receive a year's pay, health benefits and four years of flight privileges. Pilots would receive about two-thirds of their average salary for five years, or until they reach age 65.
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