Raytheon announces pay cuts, furloughs as pandemic cuts into business

Raytheon Company Peregrine
Posted at 9:31 AM, Apr 16, 2020
and last updated 2020-04-17 19:55:14-04

Raytheon Technologies Corp.'s CEO is voluntarily reducing his pay as the company will temporarily cut pay for all salaried employees and put some workers in furlough programs to cope with reduced customer demand as a result of the COVID-19 pandemic.

In a message to Raytheon employees dated April 14 and posted on the company’s website, CEO Greg Hayes said he was voluntarily cutting his pay by 20% while salaried employees’ pay across Raytheon’s corporate offices will be temporarily reduced by 10%.

Affected employees will be given 15 extra days of time off, according to the announcement.

Additionally, Hayes said hourly employees at the company’s Pratt & Whitney and Collins Aerospace businesses will take part in furlough programs.

The cuts, which are set to begin on June 1 and continue through the end of the year, do not affect employees at Raytheon’s Missiles & Defense business, headquartered in Tucson, and its Intelligence & Space division headquartered in Virginia.

Read more from the Phoenix Business Journal.