Emirates, one of the world's biggest long-haul airlines, laid off more pilots and cabin crew on Tuesday as it manages a cash crunch caused by the global coronavirus pandemic, and plans thousands of additional job cuts, five company sources said.

Also read:&nbsp;<a href="https://www.wionews.com/world/french-economy-to-return-to-pre-crisis-levels-only-in-2022-central-bank-304593" hreflang="en">French economy to return to pre-crisis levels only in 2022: Central bank</a>

Aviation is one of the industries worst hit by the outbreak, with airlines forced to lay off staff and seek government bailouts.

More redundancies were expected at Emirates this week including both Airbus A380 and Boeing 777 pilots, the sources said on the condition of anonymity.

The workforce of 4,300 pilots and nearly 22,000 cabin crew could shrink by almost a third from its pre-coronavirus levels, three of the sources said.

Without giving further details, an airline spokeswoman told Reuters some employees had been laid off.

"Given the significant impact that the pandemic has had on our business, we simply cannot sustain excess resources and have to right size our workforce in line with our reduced operations," she said.

A promise by the Dubai government to provide Emirates with new equity would allow it to "preserve its skilled workforce," the state airline said on May 10.

It has since laid off employees, which sources previously told Reuters were trainee pilots and cabin crew.

Outgoing President Tim Clark has said it could take four years for the airline to resume flying to all of the 157 international destinations it served before the pandemic. It has a fleet of 270 A380 and 777 jets.

The airline has operated limited, mostly outbound services from the United Arab Emirates since grounding passenger flights in March but is due to restart some connecting flights after the UAE last week lifted a suspension.

Emirates has also extended pay cuts until September, and in some cases deepened the reduction to 50%, according to an internal email on Sunday.

Emirates, one of the world's biggest long-haul airlines, laid off more pilots and cabin crew on Tuesday as it manages a cash crunch caused by the global coronavirus pandemic, and plans thousands of additional job cuts, five company sources said.

Emirates, one of the world's biggest long-haul airlines, laid off more pilots and cabin crew on Tuesday as it manages a cash crunch caused by the global coronavirus pandemic, and plans thousands of additional job cuts, five company sources said. Also read: French economy to return to pre-crisis levels only in 2022: Central bank Aviation is one of the industries worst hit by the outbreak, with airlines forced to lay off staff and seek government bailouts. More redundancies were expected at Emirates this week including both Airbus A380 and Boeing 777 pilots, the sources said on the condition of anonymity. The workforce of 4,300 pilots and nearly 22,000 cabin crew could shrink by almost a third from its pre-coronavirus levels, three of the sources said. Without giving further details, an airline spokeswoman told Reuters some employees had been laid off. "Given the significant impact that the pandemic has had on our business, we simply cannot sustain excess resources and have to right size our workforce in line with our reduced operations," she said. A promise by the Dubai government to provide Emirates with new equity would allow it to "preserve its skilled workforce," the state airline said on May 10. It has since laid off employees, which sources previously told Reuters were trainee pilots and cabin crew. Outgoing President Tim Clark has said it could take four years for the airline to resume flying to all of the 157 international destinations it served before the pandemic. It has a fleet of 270 A380 and 777 jets. The airline has operated limited, mostly outbound services from the United Arab Emirates since grounding passenger flights in March but is due to restart some connecting flights after the UAE last week lifted a suspension. Emirates has also extended pay cuts until September, and in some cases deepened the reduction to 50%, according to an internal email on Sunday.

Emirates lays off pilots, cabin crew, plans thousands more job cuts: Sources

Dubai is staring at an economic collapse. One of the world’s most popular tourist destinations is feeling the heat like never before. No tourists, no oil money, the pandemic has left Dubai scrambling for money.

Dubai is staring at an economic collapse. One of the world’s most popular tourist destinations is feeling the heat like never before. No tourists, no oil money, the pandemic has left Dubai scrambling for money. If nothing is done most of Dubai's businesses will shut down over the next six months. Dubai, a city of skyscrapers and artificial archipelagos, a global hub for free movement of trade, people and money, and a symposium of luxury shopping and lively nightlife - well, all that’s in the past. The pandemic has shaken the most resilient sheikdom in the United Arab Emirates. An astounding 70 per cent of the businesses in Dubai are expected to shut shop in the next six months. Dubai is one of the least oil-reliant economies in the Gulf but that’s no insulation from the ravages of the lockdown. Dubai’s fuel is hospitality, tourism, entertainment, property, and retail. One of the busiest international airports in the world with two popular airlines - Emirates and Etihad have had all operations grounded. The world’s most dominating skyscraper -- the Burj Khalifa, the Dubai Mall, Palm Jumeirah, Mall of the Emirates, and even the Dubai gold souk. All are in the pits of despair with business shut down during the lockdown. Half of Dubai’s internationally known hotels and restaurants will go out of business in the next month alone. 74 per cent of the travel and tourism businesses will down shutters, according to findings by the Dubai chamber of commerce. Businesses in the UAE are slashing salaries, sending employees on unpaid leave, and reducing staff. Dubai did allow some of its malls and businesses to reopen at around 30 per cent capacity but, there were hardly any customers. UAE is heavily-reliant on its 80 per cent expatriate population to eat out and shop. Most of these rich expatriates including Indians have left for their home country. In late March, Dubai did announce an economic package to cushion the impact. With the oil-prices remaining at lower than expected levels and, economies still scampering back to normalcy, more oil money is hard to find to boost the economy. The pandemic cannot be blamed entirely for the collapse. Dubai’s hot cake for the recent decades -- real estate is metaphorically crumbling to the ground. Residential property prices are down 30 per cent from the 2014 peak. On the commercial side, mostly of hotels and restaurants revenue per room is down 25 per cent since 2015. Last year, Dubai’s economic growth was slightly over one per cent. The worst since the global financial crisis in 2008. For all the expansionary projects undertaken in recent decades. Dubai and its vast web of state-linked industries are facing billions of dollars in looming debt repayments and for the foreseeable future there will be no oil money, no tourism, no foreign funds, no big real estate deals. A city that seemed glorious under its blinding night lights, is today struggling to stay alive. Also watch ×

Coronavirus pandemic jolts Dubai's economy

In order to counter the economic impact from the ongoing coronavirus crisis, government&nbsp;and policy-makers need to implement substantial measures

That's the word from international monetary fund's chief economist Gita Gopinath.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/trade-impact-of-coronavirus-epidemic-for-india-estimated-at-348-million-dollars-un-report-284461" hreflang="en">Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report</a>

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In a blog on IMF's website, Chief economist at IMF, Gita Gopinath has suggested some recommendations like providing money directly into the hands of households and businesses and also implement substantial targeted fiscal and financial market measures.

Also read:&nbsp;<a href="https://www.wionews.com/world/global-growth-to-fall-below-last-years-level-due-to-coronavirus-imf-284325" hreflang="en">Global growth to fall below last year's level due to coronavirus: IMF</a>

Gopinath further added that the government should enhance funding unwell workers so that they can stay at home without fear of losing their jobs.

She also suggested that to counter the current instability central banks should be ready to provide liquidity to banks particularly to those lending to medium and cottage industries.

Gopinath said that for those laid off, unemployment insurance could be temporarily enhanced, by extending the duration of the insurance, increasing benefits or relaxing eligibility for the same.

She elucidated the example of Italy’s extension of tax deadline and wage supplementation fund to support the workers amid travel restrictions and quarantine.

In an effort to ease down the effects of financial crunch amid virus outbreak South Korea has initiated wage subsidies to help people need their daily needs and businesses to continue their services.&nbsp; 
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In order to counter the economic impact from the ongoing coronavirus crisis, government and policy-makers need to implement substantial measures That's the word from international monetary fund's chief economist Gita Gopinath.

In order to counter the economic impact from the ongoing coronavirus crisis, government and policy-makers need to implement substantial measures That's the word from international monetary fund's chief economist Gita Gopinath. Also read: Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report In a blog on IMF's website, Chief economist at IMF, Gita Gopinath has suggested some recommendations like providing money directly into the hands of households and businesses and also implement substantial targeted fiscal and financial market measures. Also read: Global growth to fall below last year's level due to coronavirus: IMF Gopinath further added that the government should enhance funding unwell workers so that they can stay at home without fear of losing their jobs. She also suggested that to counter the current instability central banks should be ready to provide liquidity to banks particularly to those lending to medium and cottage industries. Gopinath said that for those laid off, unemployment insurance could be temporarily enhanced, by extending the duration of the insurance, increasing benefits or relaxing eligibility for the same. She elucidated the example of Italy’s extension of tax deadline and wage supplementation fund to support the workers amid travel restrictions and quarantine. In an effort to ease down the effects of financial crunch amid virus outbreak South Korea has initiated wage subsidies to help people need their daily needs and businesses to continue their services.

IMF's chief economist Gita Gopinath suggest ways to counter economic impact from coronavirus