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ZF in Saarbrücken: High earners can expect severance payments of up to 250,000 euros!
ZF Friedrichshafen is planning significant severance payments for employees in Saarbrücken as part of job cuts by 2030.
ZF in Saarbrücken: High earners can expect severance payments of up to 250,000 euros!
In Germany, there are signs of massive job cuts in large industrial groups, which also affects ZF Friedrichshafen. The company plans to drastically accelerate job cuts within its “Division E”, which develops and produces electric and hybrid drives as well as combustion engines. This particularly affects the factory locations in Saarbrücken, Friedrichshafen and Schweinfurt. ZF admits that up to 14,000 jobs will have to be cut worldwide in the next few years, including 7,600 in the division in question by 2030.
The economic challenges, particularly due to the loss of orders for electric cars, mean that ZF is planning a severance program for employees who voluntarily leave the company. According to reports from “Wirtschaftswoche”, employees expect severance payments of up to 250,000 euros, especially for long-term employees with above-average salaries. The formula for calculating these severance payments is: Severance pay = 1.5 x gross monthly salary x years of service. The officially agreed factor for severance payments is 1.25, with special payments also being taken into account.
Severance program and its effects
The planned severance pay program is aimed specifically at employees in “Division E”. ZF has not yet commented on the exact figures, but assured that the package will be finalized in the coming days. Employees from Saarbrücken confirmed the information about the amount of the severance pay and were pleasantly surprised at the possible offer. A majority of IG Metall and the general works council have spoken out in favor of a restructuring plan that should not only preserve the drive division, but also provide for cost-saving measures of up to 500 million euros.
However, there are reports indicating that despite these cost-cutting measures, no factory closures are planned in Germany, which offers some glimmer of hope for the jobs affected. ZF would like to continue to hold on to key locations such as its headquarters on Lake Constance and the other important plants in Germany.
General context of job cuts
The intended job cuts are part of a larger development in German industry, which is influenced by various factors, including the change to environmentally friendly drive technologies and the associated challenges. Experts and lawyers note that although such severance programs can provide short-term relief for companies, they also have long-term effects on employees and regional labor markets.
The planned reduction at ZF is an example of the comprehensive structural change in the automotive industry. Such developments make the debate over jobs all the more urgent, especially since many employees rely on the guaranteed severance pay in order to be able to manage the transition to new employment opportunities.
Saarbrücken newspaper reported that ZF planned the amount of the severance payments within a comprehensive framework, while SWR points out that the creation of a sustainable recovery plan is of great importance. Also delivers Lawyer businessman a broad context on the challenges of massive job cuts in Germany.