On Wednesday, September 18, the IG-Metall’s Collective Agreements Commission approved the crisis agreement negotiated in mid-September between ThyssenKrupp’s management and the union. It offers job security until 2020 to the 20,000 German employees of ThyssenKrupp Steel Europe, in return for a working time cut in several stages with reduced financial compensation. For 4 years, the workweek will be 31 hours paid 32. The IG-Metal calculated that, in average, workers’ solidarity with their company would cost them about €180 per annum for 4 years. (Ref. 130555)
Helping save the company. The German steel giant, badly hit by the slowdown in global demand, overcapacity, the increase in energy prices and risky investments in Brazil and the US, keeps fighting to survive. A short while ago, it announced that it might cut 1,500 jobs in the steel division in Europe.
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