Siemens guarantees 85 percent of net salary for short-time-work in Germany
Regardless of the extent to which reduced working hours may be implemented, Siemens guarantees that all affected employees in Germany will receive at least 85 percent of their most recent net income. This substantially surpasses the 60 or 67 percent of net income legally established as a minimum. The framework agreement on reduced working hours is valid through September 30, 2010. Details relating to any necessary reductions in working hours will - as in the past - be negotiated by the involved parties at the affected locations.
Other measures which also safeguard jobs - such as the reduction of accrued compensatory and vacation time - will be implemented before working hours are cut at individual locations in response to declining demand. In addition, differences in capacity between locations will be compensated by means of cross-location personnel exchange.
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. The company has around 430,000 employees (in continuing operations) working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of solutions for individual requirements. For over 160 years, Siemens has stood for technological excellence, innovation, quality, reliability and internationality. In fiscal 2008, Siemens had revenue of 77.3 billion EUR and income from continuing operations of 5.9 billion EUR (IFRS). Further information is available on the Internet at: www.siemens.com.