Bosch cuts hours and pay for 10,000 amid China competition
Bosch, the largest supplier of automotive parts, will reduce working hours and cut salaries for 10,000 employees in Germany. This move follows the earlier announcement of 5,500 job cuts and is driven by increasing competition from China.
11:52 AM EST, November 24, 2024
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 employees 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 difficulties in the German automotive industry caused by the weak economic situation and decreased demand for electric vehicles. The company previously announced the dismissal of 5,500 employees, with the largest cuts impacting the department that handles driver assistance systems.
Bosch employs around 130,000 people in Germany. Similar measures have been taken by other companies, such as Ford, which plans to eliminate 2,900 jobs by 2027, and Volkswagen, which has also announced wage cuts and factory closures.
