Molson Coors - CEO, Gavin D. Hattersley
CEO, Gavin D. Hattersley
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  • Molson Coors (TSX:TPX) have announced a suite of company-wide policies to protect employees in the era of COVID-19 
  • The company has also announced it’s withdrawing its 2020 outlook
  • Molson Coors have introduced a voluntary paid leave for employees 
  • Furthermore, all employees are required to work from home if they are able 
  • Molson Coors (TPX) is up 1.2 per cent at C$55.6 per share with a market cap of $12 billion 

Molson Coors (TSX:TPX) has announced it’s pulling its 2020 outlook and introducing a new voluntary paid leave program as COVID-19 hits Canada.

The Montreal beverage giant has said that uncertainty regarding the impact of the COVID-19 pandemic has meant financial outlooks made just a month ago are no longer applicable.

Luckily, the company is listed as an essential service by the U.S Federal Government’s Essential Critical Infrastructure Workforce guidance list.

This means the company’s brewery and distribution operations can remain operational during local and state “stay-at-home” orders.

The company has also introduced a suite of policies to curb the COVID-19 outbreak.

All employees and contractors not currently performing a business-critical role will cannot attend facilities to perform on site activities.

The entire month of April will be available for employees to take paid voluntary leave.

The scheme will give employees deemed at high risk by health authorities can take 60 per cent of their pay and take paid leave, without affecting any of their other benefits.

This scheme is for employees whose work cannot be done from home.

All employees whose work must be done on site will be paid an additional $5 per hour, including overtime.

80 hours of paid overtime leave will be made available, so that anyone who has to self-isolate can do so while retaining a full salary.

The company’s CEO and President, Gavin Hattersely said that these were challenging times and company’s priorities should be with ensuring the safety of their people.

“I’m proud of how resilient our people have been during this time, including the people who brew, package and ship our quality beers and keep our breweries and business running. 

“I am also proud of how our teams are stepping up to take care of our communities who need our help more than ever,” he said.

Molson Coors (TPX) is up 1.2 per cent at C$55.6 per share at 11:34 pm EST. 

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