New York (CNN Business) American Airlines says it will lay off or involuntarily furlough 19,000 employees as of October 1 unless the airline industry gets more help from Congress. The world's largest airline, which had 133,700 employees heading into this year, says it will need to reduce headcount by "at least" 40,000 employees. It said that 12,500 had agreed to leave the company with early retirement or buyout packages , and another 11,000 had agreed to voluntary furloughs for October. "Even with those sacrifices, approximately 19,000 of our team members will be involuntarily furloughed or separated from the company on October 1, unless there is an extension of the [federal help]," said the letter that American CEO Doug Parker and President Robert Isom sent to employees. American said layoff notices were sent out Tuesday to 17,500 employeesUnder terms of the CARES Act , which provided up to $50 billion of help to the US airline industry, airlines could not lay off or involuntarily furlough staff until October 1.

Source: CNN August 25, 2020 15:45 UTC