Bayer personnel to have clarity on job cuts by march

Bayer, the pharmaceutical and agrochemical company based in leverkusen, germany, plans to send employees into retirement as part of its massive staff reduction program.

"There will be a 57+ program under which bayer employees can retire at 57," oliver zuhlke, head of the bayer general works council, told the "rheinische post" (wednesday). This is "extremely attractive" for long-term employees. For employees who were not able to take advantage of the deduction-free pension at 63, bayer must compensate for losses in company and statutory pensions, zuhlke demanded. "This will cost bayer a lot," says works council chairman. A bayer spokesman said in response to a question: "talks are still ongoing."

By march 2019, employees are expected to have clarity on how many of the world’s 12.000 jobs to be cut in germany eliminated. "We are still discussing this. In the pharmaceuticals sector, where negotiations have been going on for a long time, this will soon become clear. In the other areas, probably by march 2019," said zuhlke, who is also deputy chairman of the supervisory board. Bayer ceo werner baumann had said that the job cuts would affect "a significant proportion of jobs in germany, but not the majority of the 12 employees.000 places". The reduction is to be made on the basis of a social contract.

The massive workforce reduction is part of a program to increase efficiency with which the group aims to significantly enhance its competitiveness. Following the acquisition of the u.S. Seed company monsanto, bayer plans to accelerate its growth. Group sales are expected to grow by around 4 percent before exchange rate movements in 2019 and by an average of 4 to 5 percent per year thereafter until 2022, the company announced on wednesday at a capital markets day in london.