International Courant
Vehicles stand at a Volkswagen dealership in Berlin, Germany on October 10, 2024.
Sean Gallup | Getty Photographs Information | Getty Photographs
Volkswagen is contemplating widespread pay cuts and layoffs, in addition to the closure or downsizing of its factories in Germany, the corporate’s works council stated on Monday.
Based on Daniela Cavallo, head of the works council, Volkswagen administration just lately introduced plans to the council that embody a ten% pay minimize throughout the board, in addition to wage freezes in 2025 and 2026. All informed, the physique estimates that staff within the will face pay cuts of round 18% over the interval.
Volkswagen additionally plans to shut three factories and downsize all different crops in Germany, Cavallo stated, including that sweeping job cuts have been a part of the automaker’s plan.
CNBC has reached out to Volkswagen for remark.
This can be a growing story and might be up to date.
