US EditionVW managers to take combined 300 million euro pay cut: report
19 Articles
19 Articles
Volkswagen managers are prepared to contribute 300 million to the VW “austerity program.”
The management of the largest European car manufacturer, Volkswagen, has accepted a combined salary reduction of over 300 million euros by 2030. The article An entire industry is shaken! Massive salary cuts, and 35,000 employees will be laid off first appeared on Romania TV.
In order to stabilize Germany's largest car company, employees are saving billions of euros. Management is also making a contribution. There are no concrete details yet for the board of directors.
Volkswagen's management will cut their salaries by a total of more than 300 million euros by 2030, Gunnar Kilian, the carmaker's board member in charge of human resources, told the Braunschweiger Zeitung, according to Reuters. The pay cuts are part of business restructuring measures at a troubled group.
Volkswagen managers are accepting salary cuts amounting to millions in order to reduce costs. The move is intended to help the company work more efficiently in the long term.
VW's management is to forego 300 million euros in salary over the next five years to support the restructuring of the car company. However, the board has not revealed how much of this will go to the top management.
Coverage Details
Bias Distribution
- 43% of the sources lean Left
To view factuality data please Upgrade to Premium
