Enbridge Inc., Canada’s largest pipeline operator, said on June 17 that about 800 employees have opted for voluntary buyouts, as the company tries to reduce costs to tackle the COVID-19 crisis and the global oil price shock.

In an email response to Reuters, Calgary-based Enbridge said it was offering employees the option to voluntarily select early retirement, severance, leaves of absence or part-time work.

“As a result of these actions, we won't need to pursue company-wide layoffs at this time,” a company spokesperson said.

Enbridge is reducing base pay across its non-union workforce, with the board of directors and CEO Al Monaco taking a 15% cut and the company’s executive vice presidents taking a 10% cut.

A recent plunge in global crude prices due to a pandemic-driven drop in demand and excess supply has battered Canada, the world’s fourth-largest crude producer.

Last month, Enbridge said it has deferred CA$1 billion (US$737.57 million) in capital spending and cut costs by CA$300 million, including salary cuts and retirements.

($1 = 1.3558 Canadian dollars)