Siemens Cuts 15 Thosand Jobs to Save 6 Billion Euros

Reuters has reported that Siemens is going to cut 15,000 jobs over a period of one year to save about 6 billion euro cost. 5000 of these jobs will be in the Germany, a spokesman for Siemens said on Sunday.

The savings plan was carved by the CEO Peter Loescher last year and has been announced two months after he has left the company.

Siemens is the biggest engineering firm of Europe and is trying its level best to close the competitive gap with Switzerland’s ABB and US based General Electric Co. Siemens produces equipment ranging from gas turbines to hearing aids.

The spokesman also said that the half of the job cut has been negotiated with the labor union and agreement on the other half will follow.

He further added that this announcement is being made to put an end to the speculation about how many jobs are being cut at Siemens.

No worker has been fired so far but rather Siemens is trying to achieve this through voluntary severance deals and attrition.

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