German industrial giant’s decision to reduce working hours and wages
The largest supplier of auto parts in the world will reduce the working hours and wages of about 10,000 employees in Germany.
According to Mehr News Agency Robert In the latest sign of challenges facing Germany’s auto industry due to weak demand and competition from cheaper Chinese rivals, Bosch said it would cut 5,550 jobs, a day after announcing a 450-hour cut.
Bosch company spokesperson announced that employees who have 38 or 40-hour contracts at sites around Germany will reduce their working hours to 35 hours.
According to Reuters, the slump in Germany’s auto sector has also shaken Volkswagen, which is escalating a dispute with workers over plans to close factories in Germany, and Mercedes, which has vowed to implement tougher cost cuts. >
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