Layoffs 2024: This giant German company has announced mass layoffs. This layoff is going to affect the jobs of thousands of people…
Layoffs: With the beginning of the year 2024, the process of layoffs has intensified. Many big companies have announced layoffs this year. Now the name of another big German company has also been included in this list.
Bosch Group has decided to reduce 3,500 posts in its home appliance unit. According to the report published in Latestly, the company has informed on Friday 23 February 2024 that Bosch Group is going to eliminate a total of 3,500 jobs in the next three years i.e. by 2024.
Employees of this division will be victims of retrenchment
Bosch Group’s layoffs are going to impact the Bosch Home Appliances subsidiary the most. Giving information about the layoffs, the group said that the company has taken this decision to reduce its expenses and maintain competition with other companies in the market. Along with this, the company hopes that with this decision it will be able to increase its profit margin by reducing its expenses.
How many people does the company employ?
Bosch Group is going to lay off a total of 1,000 employees in the year 2024. The rest of the employees will be laid off in a phased manner in the next few years. The Bosch Group currently employs 60,000 people worldwide, of which the company has a total of 17,000 employees in Germany alone. Earlier, the company had announced layoff of 1,500 employees in December 2023.
The company has planned to do this layoff in the auto supply business. In the recent past, there has been a tremendous increase in the demand for EV vehicles all over the world including Germany. In such a situation, the company is laying off employees to invest towards EV by reducing its expenses.
So far this year, many renowned companies have announced layoffs, including big companies like Google and Amazon. Till now, jobs of more than 30 thousand people have become victims of layoff in 2024.
