Please ensure Javascript is enabled for purposes of website accessibility

Philip Morris Pledges Job Security, Full Pay for Its Employees

By Rhian Hunt – Apr 9, 2020 at 12:46PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The measures are part of the company’s efforts to help fight against the coronavirus.

Tobacco titan Philip Morris International (PM -4.18%) said today it won't lay off any of its workforce during the coronavirus pandemic. Additionally, the company said it will continue providing full pay for all of its employees, regardless of whether they are currently able to work or have been idled by facility shutdowns.

While few companies have carried out wholesale firings of their workforce, many have been compelled to furlough part or all of their employees without pay to save money during the COVID-19 shutdown. Philip Morris seems determined to buck the trend, however, at the same time it continues to offer solid dividends to investors

A sleek Philip Morris office building.

The Operations Center of Philip Morris in Switzerland. Image source: Philip Morris

Philip Morris' commitment to "employment stability" for its approximately 73,000 worldwide employees means not only will the company avoid layoffs, but it will also freeze any restructuring plans. Those individuals who are still at work in locations ranging from offices to warehouses will not only get their usual pay but also "special recognition awards."

The tobacco company says the measures are intended to give "its employees' job security and peace of mind, throughout the global pandemic period." It is also contributing to the fight against the coronavirus with various other measures, including donating funds and protective equipment, and producing hand sanitizer and protective masks in certain facilities. It is also partly funding Canadian biopharmaceutical company Medicago as it attempts to rapidly develop a plant-based COVID-19 vaccine.

Rhian Hunt has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Philip Morris International Inc. Stock Quote
Philip Morris International Inc.
$91.79 (-4.18%) $-4.00

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 09/26/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.