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    Thursday 24 September 2009

    Lada to cut 27,600 Jobs

    Russia's largest carmaker, Avtovaz, is to cut up to 27,600 jobs as it tries to cope with the global slump in demand.
    The job cuts are more than a quarter of the 102,000-strong workforce at Avtovaz, which makes Lada cars.
    Reports had suggested that 36,000 job losses were considered, but the company said that it managed to "significantly lower the initial figure".
    Russia had the fastest growing car market in Europe until the financial crisis hit demand.
    Of the workers being eliminated, Avtovaz said 13,000 employees would retire with pensions while another 5,500 would be forced to take early retirement.
    The remaining 9,100 employees would leave the firm, but Avtovaz said 6,000 of those would have the option to work at the carmaker again in 2012.
    source: BBC

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