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Raytheon Technologies announces pay cuts, furloughs at Pratt amid aerospace downswing

Massachusetts-based defense manufacturer Raytheon Technologies Corp. announced pay cuts and furloughs across the company due to the coronavirus-related downturn of the aerospace industry.

On the company’s website, CEO Greg Hayes said beginning June 1, the company will cut pay by 10% for all salaried employees at corporate offices, and  subsidiaries Pratt & Whitney in East Hartford and Collins Aerospace.

“Airline travel in the U.S. alone is down 96% and we are seeing similar trends globally,” Hayes said. “Our commercial business partners have begun dramatically scaling back on their operations… and now we must do the same.”

Raytheon Technologies came into official existence earlier this month following a $180-billion mega-merger of Raytheon and the formerly Hartford-based United Technologies Corp.

Hayes, in his post, said he requested Raytheon’s board of directors cut his salary by 20% for however long employee pay is reduced. Employees whose pay is cut by 10% will receive up to 15 additional days off per year, Hayes said.

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Hourly workers at Pratt and Collins will be furloughed due to reduced customer demand, Hayes said.

“I recognize that this puts a burden on all of you, and your families, and increases the feelings of uncertainty we are all experiencing in this unprecedented time,” Hayes said. “However, these are temporary measures that we must take to responsibly manage the company through the business repercussions of the COVID-19 pandemic.”

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