Toronto Pearson Airport Reports Further Layoffs, Anticipates Pre-Pandemic Level Recovery to Take 3-5 Years

Much like the stagnant demand for air travel south of the border, Canadian airports have also been feeling the freeze. As coronavirus cases continue to increase amid the reopening of economies and lifting of restrictions, consumers still continue to be leery of airplanes, and the heightened risk they carry for coronavirus transmission.

As a result, airports have been struggling to remain afloat amid the reduction in customers. According to the Greater Toronto Airports Authority (GTAA), Pearson International Airport, the largest airport in Canada, has announced it plans to slash 300 positions via layoffs and voluntary departures, and will also opt out of filling an additional 200 open positions. These forthcoming layoffs and position cutbacks represent a 27% decrease in the airport’s pre-pandemic workforce.

At the height of the pandemic back in April, Pearson Airport handled 97% less passengers compared to the same time a year prior. As of current, the passenger traffic at Canada’s largest airport remains at the 1996 level.

The GTAA is also expecting the current level of activity to remain for some time, with a pre-pandemic rebound not expected for at least another 3 to 5 years. Many governments around the world have been restricting incoming flights and imposing self-quarantine regulations, which have resulted in a profound effect on the airline industry.

Information for this briefing was found via CBC News. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why Copper Juniors Could Explode After This Trade War Move | Christian Easterday – Hot Chili

Silver Is Rarer Than Gold, And the Market’s Waking Up | Shawn Khunkhun – Dolly Varden Silver

Gold Will Hit North of $4,000: Who’s Actually Producing? | Shane Williams – West Red Lake

Recommended

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Related News

Canada’s Unemployment Rate Rises To 6.4% As Job Market Stalls

Canada’s labor market unexpectedly shed jobs in June, with the unemployment rate climbing to 6.4%,...

Friday, July 5, 2024, 09:33:11 AM

Singapore Airlines Launches First Ever Covid-19 Health Passport in Bid to Revive Air Travel Confidence

As air travel continues to remain significantly subdued amid the pandemic, several airlines have been...

Saturday, December 26, 2020, 03:52:00 PM

Canadian Manufacturing Sales Declined 1.6% In February

Following a significant increase observed at the beginning of the year, Canadian manufacturing sales dropped...

Sunday, April 18, 2021, 11:12:00 AM

US Urges Canada to Increase NATO Military Spending ‘As Rapidly As Humanly Possible’

Jake Sullivan, US President Joe Biden’s national security adviser, has called on Canada and other...

Tuesday, August 27, 2024, 08:02:10 AM

‘Defensive’ ETF Inflows Soar as Wall Street’s Worried Economic Outlook Intensifies

The resurgence of Covid-19 cases across the US, coupled with the rising threat of inflationary...

Wednesday, August 18, 2021, 10:37:00 AM