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Thyssenkrupp Steel seeks a social plan amid proposed layoffs

Layoffs to be Enacted Through Company's Social Plan by Thyssenkrupp Steel

Thyssenkrupp to promptly begin talks on a societal reduction scheme for the upcoming workforce...
Thyssenkrupp to promptly begin talks on a societal reduction scheme for the upcoming workforce reductions, as per a news report.

Steel Sizzle: Thyssenkrupp's Job Ax Falling with Social Plan Negotiations

Thyssenkrupp Steel plans to implement a Social Plan for reducing workforce numbers. - Thyssenkrupp Steel seeks a social plan amid proposed layoffs

Yo, Germany's colossal steel beast, Thyssenkrupp Steel Europe, is gearing up to chop 11,000 jobs. The bigwig's steel-hard boss, Dirk Schulte, has kicked off talks with the IG Metall union via the Westdeutsche Allgemeine Zeitung (WAZ).

Here's the scoop: this steel-tastic restructuring plan is expected to pack in bonuses like early retirement, sweet severance packages, and transferring businesses. Schulte spilled the beans, emphasizing that the job-chopping total of 11,000 is on the money.

But hold on tight, 'cause IG Metall ain't exactly stepping onto this dance floor with a smile. Back in November 2021, Thyssenkrupp Steel unveiled its six-year plan to pare down the 27,000+ workforce to a leaner 16,000. That'd mean axing 5,000 jobs by tweaking production and admin, and distributing an extra 6,000 to external help or selling off business units.

IG Metall threw some nasty shade when they met this announcement with fierce criticism. Last year, they demanded pre-negotiation conditions, such as swearing off job losses due to operations and sealing the company's long-term financing.

Now, here's a juicy morsel of insider info. By May 2025, Thyssenkrupp Steel and IG Metall scored an agreement in principle, setting the stage for concluding a collective bargaining agreement this summer. The shared goal? Preserving jobs while restructuring to stay competitive.

However, the joyride isn't completely smooth, mates. Key hurdles remain, especially when it comes to sorting out wage negotiations and long-term employment security. Still, they're movin' and shakin' towards a resolution. Stick around for updates! 🤘💪💥💥

EC countries should closely monitor Thyssenkrupp's job restructuring plans in the steel industry, as they may have significant implications for employment policies within the company. Financing options for the steel giant will likely play a crucial role in determining the success of its business reorganization, as the negotiations with IG Metall continue.

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