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US will give aircraft companies $482 million for pandemic

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WASHINGTON: The Biden the administration is making $ 482 million available to aviation industry manufacturers to help them avoid job or wage cuts in the pandemic.
The taxpayer-funded relief will cover up to half of payroll costs at 313 companies, according to the Transportation Department, which said Thursday it will help save up to 22,500 jobs.
Air travel plummeted due to the spread of Covid-19. The delta variant has caused a high number of cancellations and a decrease in trips in recent months. More than 100,000 aerospace jobs have been lost in an industry that had employed about 2.2 million people, according to the Department of Transportation.
The largest recipient of funds from the fund announced on Monday is Spirit Aerosystems, a Kansas-based supplier to Boeing, which expects to receive $ 75.5 million that the government says will help protect 3,214 jobs.
Parker-Hannifin Corp. of Ohio, which makes aircraft hydraulics, will raise $ 39.7 million. The avionics unit of Japan’s California-based Panasonic will receive $ 25.8 million, and several US subsidiaries of France’s Safran SA will get a total of $ 24.8 million.
The money for aerospace companies comes from a $ 1.9 trillion package approved by Congress and signed by the president. Joe biden in March.
The relief is similar to a much larger relief program for US airlines, which have received $ 54 billion in the last year and a half. The airlines also agreed not to lay off any workers, but cut tens of thousands of jobs anyway by offering incentives for employees to quit or retire early.
Critics called the airline’s aid a ransom that amounted to several hundred thousand dollars for every job saved – 75,000 jobs, by some estimates.
Advocates like American Airlines CEO Doug Parker say that without government help, airlines would have been forced to shut down when traffic fell to levels not seen since the 1950s.
The Federal Aviation Administration, part of the Department of Transportation, recently awarded $ 100 million to aerospace companies such as Boeing, General Electric’s aviation division, and jet engine maker Pratt & Whitney to make airplanes less polluting and quieter.





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