Bosch slashes hours and wages as auto industry struggles
Bosch, the largest supplier of automotive parts, will reduce working hours and cut salaries for 10,000 employees in Germany. This follows the recent announcement of 5,500 job cuts. These decisions are driven by increasing competition from China.
According to Reuters, Bosch, a leader in automotive parts production, has announced a reduction in working hours and pay for 10,000 employees in Germany.
The changes primarily affect those on 38—or 40-hour contracts, who will now work 35 hours per week. A company spokesperson confirmed this, as reported by the German agency dpa.
Crisis in the German automotive industry
Bosch's decision is a response to challenges in the German automotive industry, resulting from a weak economic climate and a decrease in demand for electric vehicles. The company had previously announced 5,500 redundancies, with the largest cuts impacting the department responsible for driver assistance systems.
Bosch employs around 130,000 individuals in Germany. Similar measures have been taken by other companies, such as Ford, which plans to cut 2,900 jobs by 2027, and Volkswagen, which has also announced wage reductions and factory closures.
