June 19, 2020 / 7:44 AM / 13 days ago

BRIEF-BMW, Works Council Agree On Job Cuts, Capacity Reduction

June 19 (Reuters) - Bayerische Motoren Werke AG:

* AGREED TO A PACKAGE OF PERSONNEL MEASURES THAT BALANCES THE FUTURE COMPETITIVENESS OF THE COMPANY WITH THE INTERESTS OF THE WORKFORCE

* FURTHER STEPS ARE NEEDED TO MAKE THE BMW GROUP MORE RESILIENT TO EXTERNAL INFLUENCES AND MARKET FLUCTUATIONS

* OBJECTIVE IS FOR THE COMPANY TO ACHIEVE PLANNED WORKFORCE REDUCTIONS THROUGH ATTRITION AND VOLUNTARY AGREEMENTS

* PACKAGE MAINLY AFFECTS GERMANY

* CAPACITY WILL BE ADJUSTED BY REDUCING EMPLOYMENT CONTRACTS WITH EXTENDED WEEKLY WORKING HOURS FOR EXEMPT EMPLOYEES – SO-CALLED 40-HOUR CONTRACTS – TO 38 HOURS

* OPTION TO GIVE EMPLOYEES GREATER FLEXIBILTY WS ALSO AGREED

* COMPANY WILL TAKE ADVANTAGE OF ATTRITION TO REDUCE THE WORKFORCE

* SEVERANCE PACKAGES WILL ALLOW EMPLOYEES CLOSE TO RETIREMENT AGE TO RETIRE EARLY

* BY THE END OF THE YEAR, TOTAL EMPLOYEE NUMBERS SHOULD THEREFORE BE SLIGHTLY LOWER THAN IN 2019

* PERSONNEL MEASURES ARE EMBEDDED WITHIN THE COMPANY’S OVERALL EFFICIENCY MEASURES Source text for Eikon: bit.ly/2YfUe2Q Further company coverage: (Berlin Speed Desk)

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