According to the latest documents submitted to the SEC of the United States, by the end of 2020, General Electric Co(GE.US) employs 174000 people worldwide, compared with 205000 employees and 15 per cent layoffs at the end of 2019. However, the company said it was likely to cut further jobs this year.

It is understood that among the business units, the aviation sector has the largest number of layoffs, with a reduction of 23% to 40, 000, 16% to 47000 in the health care sector, 10.5% to 34000 in the power sector, and 7% to 40, 000 in the renewable energy sector.

In the past three years, General Electric Co has laid off 139000 employees, or 44.4 per cent of staff. The company recorded $856 million in expenses in 2020, about $2.6 billion over the past three years related to layoffs, and suggests that more layoffs are likely to come.

"We will continue to monitor the economic environment closely and expect further restructuring actions to bring our cost structure more in line with our profit targets," the company said. "