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Company News

Swedish truckmaker AB Volvo to end pandemic furlough schemes

FILE PHOTO: The logo of Swedish truck maker Volvo is pictured at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer/File Photo

STOCKHOLM (Reuters) - Truckmaker AB Volvo VOLVb.ST is ending all its short-time working schemes in Sweden effective immediately, Swedish public service television SVT reported on Friday.

Some 20,000 Volvo staffers in Sweden have been affected by the furloughs to some extent, introduced as market demand plunged amid the pandemic, but activity across Volvo’s main markets has rebounded since the spring.

“What is happening is that we choose not to apply for a new period of furlough support from August 31 from the Agency for Economic and Regional Growth,” a spokesman told Reuters in an e-mail.

Reporting by Johannes Hellstrom; editing by Niklas Pollard

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