Uralvagonzavod Adapts to Economic Challenges with Four-Day Week Transition
Russian tank and railcar producer Uralvagonzavod shifts part of its civilian workforce to a four-day week due to declining demand. This move mirrors the challenges faced by major Russian industrial players amid a slowing war economy, declining domestic demand, and dwindling exports.
- Country:
- Russia
Uralvagonzavod, a Russian tank and railcar manufacturer, announced a transition to a four-day working week for sections of its civilian workforce due to decreasing demand. This decision mirrors a broader trend among Russia's leading industrial firms, facing a significant slowdown in economic activity.
The company, part of the state-owned Rostec conglomerate, assured stable operations through diversified production, despite not detailing the exact number of affected employees. The shift highlights the wider struggles within Russia's economy as companies grapple with stalled domestic demand and reducing exports.
The railway sector, crucial to state mining and oil industries, has seen a 6.7% decline in freight volumes year-on-year from January to September, reflecting broader economic challenges.
(With inputs from agencies.)
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