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"No more unemployment," headlines Frankfurter Rundschauin a report which announces that German workers are now reaping the benefits of economic recovery. Wages are going up and more importantly, Siemens has no further plans for downsizing. The industrial group, which employs 128,000 people in Germany, has extended its "location and employment agreement," which pledges to involve staff in corporate strategy and to protect them from redundancy. However, the pact will be up for review in 2013 and it also features a let-out clause in the event of a serious crisis — two details which leads the German press to question the group’s commitment to long-term job security.
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