Thousands of people will lose their jobs this year, with major EU-based and European-based companies already agreeing to massive layoffs. Dutch Stellantis, once heir to our Fiat, made a deal with unions to lay off 2,000 workers. Another car company, Sweden’s Volvo, has laid off 1,300 jobs in the Baltic country, which is 6% of the company’s workforce in the country. Instead, Ericsson will lay off 8,500 of its 17,000 retail employees worldwide, 6,000 at Philips and 10% at Deutsche Bankben, in the coming years.
And these are just a few of the numbers Reuters has gathered based on official announcements and internal sources from the continent’s top companies. A decade of heavy inflation, the consequences of the crisis caused by the coronavirus pandemic, and the impact of the war in Ukraine have forced companies in Europe to halt or freeze hiring. However, the Commission does not seem concerned about these figures. “We can’t comment on the individual preferences of companies,” says Flora Matthaes, spokesperson for Labor Commissioner Nicolas Schmit, but “despite the serious economic impact on some sectors, the supply chain and growing economic uncertainty, Russia’s war against Ukraine has so far It did not have a significant impact on EU employment data”.
This week, the EU administrator released the Employment and Social Developments in Europe (ESDE) 2023 Report, in which the EU recorded the unemployment rate for last May as 5.9%, down 0.1 percentage points and 0.2 percentage points from 6.1, from the previous month. explained. In May 2022, the euro area unemployment rate remained at 6.5% in May 2023, while it was steady month-on-month and fell by 0.2 percentage points (6.7%) from May 2022. However, this is less than the cuts planned by Europe. companies take effect first.
Let’s see what causes the main reduction in personnel.
cars
auto level: The Swedish airbag and seat belt manufacturer is looking to lay off around 8,000 jobs, which equates to around 11% of the company’s direct and indirect positions.
stellantis: In February, the automaker agreed with unions to lay off up to 2,000 workers from its Italy operations through voluntary layoffs. He then said that he plans to close his mechanical gearbox factory in Austria, employing 300 people.
volvo: The Swedish group says it will cut 1,600 jobs by restructuring its European bus manufacturing operations.
volvo car: Automaker announces 1,300 more layoffs in Sweden, equivalent to 6% of the company’s workforce in the country
Food products and consumer goods
carrefoursa: The French retailer said it could voluntarily lay off 979 jobs in France.
farmer: German eyewear retailer to lay off hundreds of jobs by 2025.
Zalando: The German online fashion retailer said it plans to cut hundreds of jobs across the company.
Industry and engineering
English Steel: The Chinese-owned company said it could cut as many as 260 jobs after announcing that some factories in northern England would be closed.
cone: The Finnish elevator manufacturer said it will reduce its workforce by 1,000 people, 150 of which are in Finland.
ssab: Swedish steelmaker says it has started talks to lay off 850 of its 4,700 employees in Finland
varta: The German battery manufacturer said it will cut 88 jobs through a volunteer program as part of the restructuring.
technology
IT: The UK’s largest broadband and mobile provider says it will cut its total workforce by 55,000 by the end of the decade.
dormakaba: The Swiss security group plans to cut full-time equivalent positions by around 800.
Ericsson: Telecommunications equipment manufacturer to cut 8,500 jobs worldwide as part of cost-cutting plan.
Logitech: Keyboard, webcam and other computer accessories maker cuts nearly 300 jobs as part of global restructuring
nokia: The Finnish telecom equipment manufacturer said it plans to cut 208 jobs in Finland.
philips: Dutch medical equipment manufacturer says it will cut 6,000 jobs to offset falling sales and following a massive recall of ventilators.
herb extract: German software company says it will cut 3,000 jobs, 2.5% of its global workforce, to reorganize its staff.
Telecom Italy: the group seeks to lay off up to 2,000 people in Italy through a voluntary early retirement program
vodafone: British telecommunications group reached an agreement with unions to cut 1,003 jobs in Italy to cut costs. In May, it said it would cut 11,000 jobs worldwide in three years.
Others
basf: The German chemical manufacturer said it will cut 2,600 jobs to improve its competitiveness.
German bank: Germany’s largest bank is preparing plans to lay off 10% of its 17,000 employees in Germany over the next few years
grifolis: The Spanish pharmaceutical company said it would cut about 2,000 jobs.
Stora Enso: Finnish forestry company to cut 1,150 jobs following the decision to close some pulp production facilities in Finland, Poland, Estonia and the Netherlands.
ubs: The Swiss bank is considering laying off tens of thousands of jobs, or about 30% of its total workforce, following the urgent takeover of Credit Suisse.
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Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
