Stock

Bosch to reduce hours for 450 employees due to tough economy

BERLIN (Reuters) – German auto parts supplier Robert Bosch (NS:BOSH) will reduce the hours, and consequently the pay, of 450 employees in Germany from next spring, citing the difficult economic situation, a company spokesperson said on Thursday.

Those employees, whose contracts stipulated that they work 38-40 hours a week, will work only 35 hours a week starting March 1, the spokesperson said.

Several locations are affected, primarily in Stuttgart and Gerlingen, said the spokesperson.

The chairman of Bosch, Stefan Hartung, in October told Der Tagesspiegel newspaper that he cannot rule out further job cuts in Germany in addition to the 7,000 it has already announced.

The reduced hours come as a gloom has beset the auto industry that underpins Europe’s largest economy.

In a sign of the troubles, Europe’s largest carmaker, Volkswagen (ETR:VOWG_p), is demanding a 10% pay cut to slash costs and boost profit to defend market share in the face of cheap competition from China and a drop in European car demand.

This post appeared first on investing.com

You May Also Like

Editor's Pick

Sen. JD Vance (R-Ohio) and Minnesota Gov. Tim Walz (D) will face off Tuesday night at a CBS News vice-presidential debate in New York....

Economy

A U.N. human rights group confirmed Hamas’ leader in Lebanon, who was recently killed by Israeli strikes, was their employee.  Fateh Sherif was killed...

Latest News

A North Korean defector who escaped to the South more than a decade ago was detained after attempting to cross back into North Korea...

Investing

Astron (ASX:ATR) and Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) have completed the establishment of a joint venture to advance the Australia-based Donald rare earths and mineral sands...

Disclaimer: balanceandcharge.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 balanceandcharge.com

Exit mobile version