Layoffs in Germany: 1.1 million employees may be unemployed

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The growing number of infected and fears of introducing a second lockdown, despite statements by politicians that this measure will not be introduced, may lead to mass layoffs.

The corona crisis has punched a huge billion dollar hole in the budgets of midsize companies. The state development bank KfW has calculated that the profit of medium-sized enterprises during the entire 2020 could fall to about 545 billion euros. KfW ranks companies with an annual turnover of up to 500 million euros among medium-sized companies.

Financial losses to companies can lead to significant job losses. According to a survey conducted by the bank, 16 percent of small and medium-sized companies plan to reduce the number of employees this year in order to minimize costs. In general, the number of jobs could be reduced by about 3.3 percent. This means that nearly 1.1 million employees could lose their jobs.

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