The world's luxury carmaker BMW (BMW) wants to reduce its production capacity in view of the epidemic crisis. The company will not increase the contract of its 10,000 employees working on the contract. According to ET's report, a company source has informed the international news agency about this on Friday. The Munich-based company said it had reached an agreement with the Working Council (staff representatives) and a package of personnel measures for a sustainable future was created.

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Lockdown was implemented to prevent the spread of infection worldwide. Due to which the economy of the whole world has been affected. Especially in the automobile sector, a significant impact has been seen. There has been a huge decline in vehicle sales. Due to which companies have reduced production. Following the guidelines of the local governments, companies started functioning with less capacity. After this, employees have also adopted layoffs like layoffs to handle their financial situation. Germany's multinational automobile company BMW has also given this option a priority.

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In its statement, BMW said that the employees who are nearing retirement will be given compensation and will be given premature retirement. Financial assistance will be provided to the youth for further higher education. Employment guarantee will also be given after completion of education. BMW has 1,26,000 employees worldwide. Apart from BMW, many auto makers and automobile component manufacturers are also retrenching employees. French carmaker Renault (Reno) announced the layoffs in May.

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