Washington, Apr 3 (IANS): Boeing is initiating a voluntary layoff (VLO) plan to try to stem the financial strain from the COVID-19 pandemic, Dave Calhoun, the company's president and CEO, said in a letter to employees.

"One thing is already clear: It will take time for the aerospace industry to recover from the crisis. When the world emerges from the pandemic, the size of the commercial market and the types of products and services...will likely be different," Xinhua news agency quoted Calhoun ass aying in th letter on Thursday.

"We will need to balance the supply and demand accordingly as the industry goes through the recovery process for years to come.

"We are initiating a VLO plan that allows eligible employees who want to exit the company to do so with a pay and benefits package. This move aims to reduce the need for other workforce actions," he added.

More information on the VLO plan will be laid out in three to four weeks, while Boeing will continue to recruit in certain areas and to adjust its businesses and functions to the changing size and needs of markets, according to the letter.

Meanwhile, Calhoun pledged that Boeing will continue to deliver for its customers, maintain the stability of the supply chain, keep the team intact, and drive the safe return to service of the globally grounded 737 MAX aircraft fleet.