Bosch cuts working hours and pay for 10,000 employees

Bosch, the world's largest car parts supplier, is reducing the working hours and pay of 10,000 employees in Germany to counter a slump in demand for auto parts. Affected employees' working week will be shortened to 35 hours from 38 or 40, resulting in pay cuts of about 12.5%. Earlier this week, Bosch said it'd cut up to 5,550 jobs.