On Friday Bosch said it would cut the working hours of 450 employees from 38-40 hours per week to 35 hours per week, effectively giving employees an unwanted four-day week. On Saturday, the company confirmed it would double down on those plans, expanding the reduced working hours to 10,000 of its workers, according to several reports.
Many of those who didn't see their hours reduced faced even worse news that they would be losing their jobs. On Friday, Bosch also said it would be laying off 5,550 of its workers to combat a challenging financial environment for the company.
The company makes most of its revenue from its automotive supply business, hasn't been able to escape a downturn in Europe's automotive sector that has hit German carmakers particularly hard.
Bosch struggles in Germany's flatlining economy, as negative economic growth is predicted for a second consecutive year after two and a half years of recession in the manufacturing sector.
Collection
[
|
...
]