Bosch cuts hours and salaries for 10,000 amid China threats
Bosch, the largest supplier of automotive parts, will reduce working hours and cut salaries for 10,000 employees in Germany. This step follows the announcement of 5,500 job cuts. These decisions are due to China's increasing competition.
According to Reuters, Bosch, a leader in automotive parts production, announced a reduction in working hours and pay for 10,000 employees in Germany.
The changes mainly affect those employed under 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 the challenges facing the German automotive industry caused by the weak economic situation and lower demand for electric vehicles. The company had previously announced the dismissal of 5,500 employees, with the largest cuts affecting the department dealing with driver assistance systems.
Bosch employs around 130,000 people in Germany. Similar actions 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.
