Canada’s Enbridge says 800 workers take voluntary buyouts

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(Reuters) – Enbridge Inc , 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.

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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.

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“As a result of these actions, we won\\\’t need to pursue company-wide layoffs at this time,” a company spokesperson said.

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Enbridge is also reducing base pay across its non-union workforce in the range of 10% to 15%.

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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.

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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.

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(Reporting by Shradha Singh in Bengaluru; Editing by Maju Samuel and Devika Syamnath)

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