FX.co ★ Bosch To Cut Working Hours, Salaries, And 5,500 Jobs Amid Auto Parts Demand Slump : Reports

Robert Bosch GmbH has announced plans to decrease working hours and wages for around 10,000 of its employees as part of a strategic response to a decline in demand within the automotive component sector, as reported by various media outlets.

According to the company's spokesperson, the adjustment will see affected employees' weekly hours decrease from either 38 or 40 to 35, leading to an approximate 12.5% salary reduction. These changes will commence in March at Bosch's headquarters located in Gerlingen, Germany, with similar measures expected to follow at its Schwaebisch-Gmuend and Schwieberdingen facilities.

Moreover, alongside the reduction in working hours, Bosch intends to cut 5,500 jobs worldwide, including 3,800 positions in Germany, due to the ongoing challenges in the automotive industry affecting the supply chain.