This is the 9569th most frequent Japanese word.
縮減
"縮減" means "reduction" or "cutback."
In this instance, "縮減" is related to the proposal of decreasing working hours, reflecting a formal or organizational adjustment.
勤務時間の縮減が提案されています。
Reduction of working hours has been proposed.
This sentence uses "縮減" to mean "reduce" in the context of cutting or lowering the budget size in a formal context.
予算を縮減する必要があります。
There is a need to reduce the budget.
Here, "縮減" refers to the downsizing or reduction in the scope or scale of the factory.