Boeing’s CEO says the company will begin furloughing a large number of employees to save cash during a strike by union machinists.

Boeing said Wednesday it is temporarily laying off tens of thousands of managers, executives and non-union contractors as the strike by 33,000 union members continues.

The demands of Boeing workers—at least a 40 percent raise to combat inflation, maintaining their yearly bonus, improved healthcare and the restoration of pensions—echo among all workers who have faced decades of slashed wages and declining living standards.

Boeing may prevent its debt being downgraded to junk by issuing more stock, which would deal another blow to current shareholders.

Boeing will furlough tens of thousands of its executives, managers and others as more than 30,000 machinists intend to go on strike Friday in Seattle and Oregon.

Boeing is temporarily furloughing executives and other nonunion workers to save cash during the strike by 33,000 members of the International Association of Machinists, CEO Kelly Ortberg told employees in an email Wednesday.

Boeing and its largest union will restart contract talks on Wednesday in the presence of federal mediators, after failing to agree on key issues such as wages and pensions, the International Association of Machinists and Aerospace Workers said.

Boeing is furloughing tens of thousands of workers amid a major machinist strike. Last week, 96% of the 33,000 Boeing machinists voted to reject a new contract and instead strike. Though negotiations have continued,