Business · Companies · 10 hrs ago
Schaeffler’s job-cut target may be met a year early
Schaeffler, an automotive and industrial supplier, plans to cut 4,700 jobs by the end of 2029.
By September 30, 2026, 3,715 positions had been accounted for, and the company says agreements are in place for the remaining 985.
It now expects to meet the target by the end of 2028, a year earlier than planned.
The company also says 1,800 employees born in 1971 or earlier have accepted phased retirement, compared with its initial goal of 1,300.
The arrangements last between two and eight years, with time split between active work and retirement.
Schaeffler expects savings from the job-cut program to exceed its €290 million target by 20 percent.
It says it can release €84 million set aside for restructuring costs.
Schaeffler’s voluntary job-cut programme is expected to reach its target by the end of 2028, a year earlier than planned.
The programme aims to cut 4,700 jobs by the end of 2029.
By September 30, 2026, 3,715 job cuts had been achieved, and agreements were already in place for the remaining 985.
The company expects savings of €290 million to exceed its target by 20 percent.
A separate phased-retirement programme has attracted 1,800 employees, compared with an initial expectation of 1,300.
- Who
- Schaeffler and its employees.
- What
- The company expects to meet its target of cutting 4,700 jobs a year early, while its phased-retirement programme has drawn more applicants than expected.
- When
- The job-cut target is now expected to be reached by the end of 2028. Figures were reported as of September 30, 2026.
- Where
- Schaeffler’s headquarters in Herzogenaurach, Germany.
- Why
- The programmes are part of the company’s cost-saving and restructuring efforts.
This story does not have two clearly opposing sides.
Schaeffler launched its voluntary programme to cut 4,700 jobs by the end of 2029.
The company introduced its phased-retirement programme.
Schaeffler had achieved 3,715 job cuts, with agreements in place for the remaining 985.
The company now expects to reach its job-cut target, a year earlier than planned.
- Job-cut target
- 4,700 positions by the end of 2029
- Cuts achieved
- 3,715 by September 30, 2026
- Remaining cuts
- 985, with contractual agreements already in place
- Expected savings
- €290 million, forecast to exceed the target by 20 percent
- Phased retirement
- 1,800 employees accepted, against an initial expectation of 1,300
- Restructuring provision
- €84 million could be released from a provision of about €500 million
Sources
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