Siemens: heavy jobs cuts

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Germany’s industrial giant Siemens’s Shocking News says. The company said it was cutting 2,700 jobs worldwide in its gas and power unit. It has revealed that there are 14,000 homeless people. This decision has been taken to reduce costs. 

The company expects to save $ 560 million by 2020. Already announced that it has already announced 7,000 employees. However, it said it is in consultation with its employers regarding packages to be paid to employees. 

The company said in a statement that it would act socially and responsibly.

The company, which operates 64,000 jobs in 80 countries, earns 377 million euros with sales of 12.4 billion euros in 2018. But as the world shifts from fossil fuels to renewable energy, demand for power plant equipment is declining and profitability is steadily decreasing year on year.

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