Goals for 2029 already achieved: Schaeffler employees are fighting for partial retirement and severance pay

The Schaeffler Group wants to cut almost 5,000 jobs by the end of 2029. A sufficient number of interested parties have now registered. And the push for a partial retirement program also exceeds expectations. As a result, the savings are higher than expected.

The partial retirement program of the automotive and industrial supplier Schaeffler, which was only launched in August, is in greater demand than company management initially expected. Instead of the hoped-for 1,300 employees who were supposed to commit to partial retirement, 1,800 men and women born in 1971 and older have already accepted the proposal, said CEO Klaus Rosenfeld in Herzogenaurach. The partial retirement models cover terms of two to eight years - with half active and half passive years.

A program launched in 2024 to voluntarily cut 4,700 jobs at Schaeffler by the end of 2029 is also running faster than planned. By September 30, 2026, 3,715 jobs will have already been achieved. According to current planning, the target will be reached at the end of 2028 - one year earlier than planned. Contractual agreements already exist for the 985 positions still to be cut.

The hoped-for savings of 290 million euros would probably be exceeded by 20 percent, said Rosenfeld. An amount of around 500 million euros was set aside for the restructuring. Provisions amounting to 84 million euros could now be released.

According to Schaeffler, it employs around 110,000 people in 55 countries - a good half of them in Europe.