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Siemens announces agreement on job cuts

Siemens AG on Tuesday announced an agreement with the works council at its Siemens Enterprise Communications unit on a package for workers affected by job cuts.

Siemens said 1,200 German employees would be affected, with around 300 to be offered part-time pre-retirement contracts. Remaining employees will be eligible to join a Siemens-financed transfer company, which will operate for two years and will provide education and training programs, the company said. (Marketwatch)