Gesamtmetall: up to 300 thousand jobs may be cut in Germany within five years
Over the next five years, up to 300 thousand jobs may be cut in Germany. This development of events was predicted by the Union of Metallurgical and Electrical Industry of Germany Gesamtmetall, reports TASS
According to the organization’s president Stefan Wolf, the process will primarily affect the metallurgical and electrical industries of Europe’s largest economy. At the same time, the country already has a shortage of personnel.
“In this regard, we will have to work more, despite the job cuts,” Wolf explained.
At the beginning of 2024, German authorities accepted a law that makes it easier to obtain citizenship of a country. According to the new rules, all citizens who have lived in Germany for several years, worked and paid taxes in the country can become its citizens in a simplified manner. To obtain citizenship, it is now enough to live in the country for five years instead of eight, and in some cases, even three years. German Interior Minister Nancy Feser expects that the measure will breathe life into the local economy, which since mid-2023 has again begun to be identified with the “sick man of Europe.”
In August 2024, German Vice-Chancellor and Minister of Economic Affairs and Climate Protection Robert Habeck said that Germany has experienced weak economic growth since 2018. This, in his opinion, has various reasons, including a lack of qualified labor. Germany needs more investment, private and public, the vice-chancellor added.
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