VW managers to get 10% pay cut in plan to slash bonuses, German newspaper reports

BERLIN: A reduction in managers' bonuses at Volkswagen will lead to a 10% pay cut for the next two years, the Sueddeutsche Zeitung newspaper reported on Sunday, after the German carmaker struck a deal with unions to axe jobs and scale back production. The reduction will apply to May bonus payments, leading to the 10% pay cut in 2025 and 2026 for 4,000 managers, the newspaper said. In the following three years, their pay will fall by 8%, 6% and 5%, it added. A spokesperson for Volkswagen declined to comment on the report. Representatives of the IG Metall union and the company's employee works council could not immediately be reached for comment. Volkswagen, Europe's top carmaker, announced sweeping changes on Friday to its German operations, including more than 35,000 future job cuts and sharp capacity reductions in the deal reached with unions after days of gruelling talks. The agreement sought to avert mass strikes at the company, whose troubles have highlighted a broader slowdown in German industry. Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) ChatGPT Mastery from Zero to Hero: The Complete AI Course By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development 12-Factor App Methodology: Principles and Guidelines By - Prince Patni, Software Developer (BI, Data Science) View Program Finance Value and Valuation Masterclass By - CA Himanshu Jain, Ex McKinsey, Moody's, and PwC, Co - founder, The WallStreet School View Program Data Science SQL Server Bootcamp 2024: Transform from Beginner to Pro By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Collaborative AI Foundations: Working Smarter with Machines By - Prince Patni, Software Developer (BI, Data Science) View Program Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) AI-Powered Python Mastery with Tabnine: Boost Your Coding Skills By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development Intermediate C++ Skills: Master Pointers, Structures and File Stream By - Metla Sudha Sekhar, IT Specialist and Developer View Program Entrepreneurship Boosting Startup Revenue with 6 AI-Powered Sales Automation Techniques By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Office Productivity Advanced Excel Course - Financial Calculations & Excel Made Easy By - Anirudh Saraf, Founder- Saraf A & Associates, Chartered Accountant View Program Strategy Succession Planning Masterclass By - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd. View Program Web Development Intermediate Java Mastery: Method, Collections, and Beyond By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance Tally Prime & GST Accounting: Complete Guide By - CA Raj K Agrawal, Chartered Accountant View Program Entrepreneurship Building Your Winning Startup Team: Key Strategies for Success By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Office Productivity Microsoft Word Mastery: From Beginner to Expert By - CA Raj K Agrawal, Chartered Accountant View Program Web Development JavaScript Essentials: Unlock AI-Driven Insights with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance Crypto & NFT Mastery: From Basics to Advanced By - CA Raj K Agrawal, Chartered Accountant View Program Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Marketing Modern Marketing Masterclass by Seth Godin By - Seth Godin, Former dot com Business Executive and Best Selling Author View Program Finance Financial Literacy for Non-Finance Executives By - CA Raja, Chartered Accountant | Financial Management Educator | Former AVP - Credit, SBI View Program Web Development Maximizing Developer Productivity: The Pomodoro Technique in Practice By - Prince Patni, Software Developer (BI, Data Science) View Program Design Canva Magic Write: Ideas to Stunning Slides in No Time By - Prince Patni, Software Developer (BI, Data Science) View Program Entrepreneurship Marketing & Sales Strategies for Startups: From Concept to Conversion By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Web Development Advanced C++ Mastery: OOPs and Template Techniques By - Metla Sudha Sekhar, IT Specialist and Developer View Program (You can now subscribe to our Economic Times WhatsApp channel )