On 18 January 2008, Telekom, German largest telecommunication company, announced the creation of 4,000 jobs for young academics to increase innovation in high tech fields ranging from electronics to media. The new jobs are expected to be created by the end of 2008. In line with a cost-saving program announced in 2006, Telekom is also reducing its elderly workforce by 32,000 by the end of 2008. The company says it needs to react to demographic change. In 2005, an additional 50,000 workers were outplaced to subsidiaries paying lower wages. In the same year Telekom employed 5,000 new, young workers.