Canada's Enbridge Says 800 Workers Take Voluntary Buyouts

Enbridge has reported that 800 workers have agreed to take voluntary buyouts as the pipeline operator seeks to cut costs amid the pandemic.

(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. 

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 ($220 million), including salary cuts and retirements.