DaimlerChrysler reaffirms commitment to jobs in Germany

Yesterday DaimlerChrysler reaffirmed its commitment to a pact made with its work council in Germany last year that preserves German jobs to 2012. The labor pact, called "Securing the Future 2012", states that excess personnel would be resolved through agreements on voluntary departures, which we assume refers to workers choosing to retire early. The recommitment was made in response to German media reports that DaimlerChrysler was considering reducing its payroll expenses to boost its margins. The pact covers some 160,000 workers on the payroll since last July.