HeidelbergCement cuts work hours and Board waives 20% of salaries in 2Q20

HeidelbergCement has agreed with the works council and employee representatives to introduce short-time work for its employees in Germany in response to the coronavirus.

Initially, the short-time working regulations primarily affect employees from the group's head office in Heidelberg. The extent of short-time work is determined for employees depending on the loss of work and can be up to 100 per cent.

In addition, the Supervisory Board and the Management Board of HeidelbergCement have decided to voluntarily waive 20 per cent of their fixed salaries in the 2Q20.

Dr Dominik von Achten, CEO of HeidelbergCement AG, said: "In addition to the necessary cost savings, this is a clear sign of solidarity in the company, especially with our foreign subsidiaries. We all have to do our part to cope with the difficult situation around COVID-19 as best as possible. The aim is to extend this voluntary sign of solidarity to the next management level in the company."

In mid-March the Board had already agreed with the works council on company holidays for the head office in Heidelberg until the end of April 2020. Many foreign subsidiaries had already started reducing working hours and adjusting the number of employees as needed at the beginning of March.