Enbridge says 800 staff have taken voluntary buyouts offered to cut costs
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$0 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*No charge for 4 weeks then price increases to the regular rate of $19.00 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.75/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 17/06/2020 (1964 days ago), so information in it may no longer be current.
CALGARY – Enbridge Inc. says 800 employees have voluntarily left the company, allowing it to avoid layoffs as it cuts costs to counter impacts from COVID-19 and lower global oil prices.
The Calgary-based pipeline company announced in May it would defer $1 billion in capital spending this year and reduce costs by $300 million through measures including salary cuts and voluntary staff reductions.
Spokesman Jesse Semko confirmed that 800 staff have taken up options including early retirement, severance, educational or personal leaves of absence or part-time work.
The reductions would amount to about seven per cent of the 11,300 employees Enbridge listed at the end of last year, with about 7,800 in Canada and 3,500 in the U.S.
The company is also reducing base pay across its non-union workforce, cutting director and CEO pay by 15 per cent and executive vice-presidents’ pay by 10 per cent.
Enbridge in May reported a $1.43-billion first-quarter net loss which included an impairment of $1.74 billion on its investment in Denver-based DCP Midstream, which cut its dividend by 50 per cent in March due to pandemic effects.
This report by The Canadian Press was first published June 17, 2020.
Companies in this story: (TSX:ENB)