The Swiss watchmaking industry is implementing short-time working measures due to a decline in global demand. According to the Federation of the Swiss Watch Industry Exports (FHS), monthly exports in June saw a significant year-on-year drop of 7.2%, marking the largest decrease of 2024.
In the Jura region, forty companies, primarily suppliers of tools, machinery, or components rather than watchmakers themselves, have applied to reduce their employees’ working hours. This information was reported by the daily newspaper Neue Zürcher Zeitung.
Under these measures, employers in Switzerland’s Jura canton can receive compensation for 80% of their employees’ lost earnings from local authorities, while they are responsible for covering the remaining 20%.
Major watch manufacturers like Rolex, Patek Philippe, Audemars Piguet, and Richard Mille have announced plans to reduce production capacity but intend to retain their highly-skilled workforce.
