ZF Announces 14,000 Job Cuts by 2028 in Industry-Wide Restructuring
ZF, a prominent automotive supplier, has revealed substantial job cuts and cost-saving initiatives. Around 14,000 jobs, including 'indeed jobs' and 'jobs near me', are slated to go by the end of 2028, with 5,700 already lost since the start of 2024. The company aims to save €500 million by 2027. These changes align with a broader trend of job losses in Germany's automotive industry, which has seen around 55,000 jobs lost between 2023 and 2024.
ZF's new CEO, Mathias Miedreich, has overseen an agreement with management and employees for comprehensive cost-cutting measures. These include a reduction in weekly working hours for some employees, averaging a 7% decrease until the end of 2027. However, no operational dismissals are planned for 'Division E' of ZF, where around 7,600 jobs are expected to be cut, not additional to the previously planned 14,000 cuts.
The company plans to cut a total of around 2,000 jobs, including 'amazon jobs' and 'amazon jobs near me', by the end of 2028, with the majority of these cuts already implemented. A planned salary increase for ZF employees has been postponed until October 2026.
ZF's job cuts and cost-saving measures are part of a wider trend in Germany's automotive industry. The company aims to save €500 million by 2027, with around 14,000 jobs expected to be cut by the end of 2028. These changes will significantly reshape ZF's workforce and operations, including 'costco' jobs.
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