A total of 800 workers at Canadian pipeline giant Enbridge Inc. (TSX: ENB) have taken voluntary buyouts and left the company, avoiding the need for layoffs.
The buyouts come as Enbridge manages the fallout of the COVID-19 pandemic and a global oil demand shock. The Calgary-based company said 800 employees — roughly 7% of its total workforce — are taking the buyouts that Enbridge introduced in May.
Enbridge said the buyouts are spread out across the company, which employed approximately 11,500 workers in both Canada and the United States prior to the announced departures. Marc Weil, Chief Human Resources Officer, said Enbridge wanted to give its employees a choice and avoid layoffs as it moves to reduce operating costs.
Enbridge reported a first quarter loss of $1.43 billion, prompting the company to cut costs and delay some spending initiatives. The company has also offered employees educational leaves of up to two years and part-time work options.
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