Siemens is to fund training for its workers for the digital economy as traditional sectors like power generation go into decline, the German engineering giant said on Monday.
"It is more important than ever that everyone is constantly re-educating themselves and is ready to learn new things," Siemens human resources head Janina Kugel said in Munich. "That is what we aim to facilitate through the Future Fund."
The company is putting up an additional 100 million euros (114 million dollars) in additional funding for the purpose with immediate effect up to the end of 2022 after reaching agreement with its works council in May.
The new funding is in addition to the standard annual global budget for training of around 500 million euros.
Siemens' power station division is facing difficulties as a result of the trend towards renewables and overcapacity at its gas turbines unit. The company has agreed with unions to cut 6,900 jobs, 2,900 of them in Germany.
The aim is to make savings of 500 million euros by next year in this division as well as in processing and motors.
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