German giant Bosch becomes latest firm to give employees unwanted 4 day week as economy falters [Fortune]
Stellantis N.V. Common Shares (STLA)
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Source: Fortune
The €92 billion industrial conglomerate Bosch said 450 of its employees would reduce their hours and accordingly their pay from next Spring, a company spokesperson told Fortune . Employees affected will drop their hours from between 38 and 40 hours a week to 35 hours starting March 1. The spokesperson cited a “difficult economic situation” for its decision to reduce the hours worked by some employees, primarily at its Stuttgart and Gerlingen locations. Bosch has been caught in the maelstrom faced by European carmakers as they crumble from falling demand in Europe and overseas in addition to unprecedented pressure from Chinese competitors. Bosch is Europe's 24th largest firm by revenue, operating in consumer products, mobility, and industrial technology. However, it makes over half its revenues from its automotive supply business, producing things like brakes and spark plugs. In October, the group said it planned to lay off 7,000 employees as its chairman Stefan Hartung announ
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