Germany partial lockdown pushes more companies into short-time work: Ifo
A commuter wearing a face mask walks at the Cologne main station after the federal state of North Rhine-Westphalia decided to make wearing protective masks obligatory in buses, trains and shops to fight the spread of the coronavirus disease (COVID-19), in Cologne, Germany, April 27, 2020. PHOTO: REUTERS
The share of companies in Germany using short-time work schemes rose in November compared to the previous month, economic institute Ifo said on Monday, as a partial lockdown hit employment in tourism and restaurant industries.
Ifo said a survey of around 7,000 companies showed that the share of companies using the scheme rose to 28% in November from 24.8% in October.
Short-time work, also known as Kurzarbeit, allows employers to switch employees to working fewer hours or even none during an economic downturn. It aims to stop immediate shocks from leading into mass unemployment.