Boeing announced that it will lay off 10% of its workforce in the coming months and cut its production in the wake of a labor union strike.

Boeing started issuing layoff notices Wednesday to 17,000 employees to cut 10% of its workforce in an effort to shore up the aerospace giant's shaky finances.

Boeing, one of the largest aircraft manufacturers, is issuing layoff notices this week as part of its plan to cut 17,000 jobs, which marks a 10 per cent of its global workforce, as per reports. This reduction in the work force comes amid the company certain facing challenges such as financial strain, production delays, and labour unrest.