Volkswagen Union Chief Tells Executives To Tough It Out And Waive Bonuses Until Furthur Notice

Volkswagen Group's management board should volunteer to waive their bonus payments, the company's powerful labor chief Bernd Osterloh was reported as saying by the German daily Handelsblatt.

The automaker should look beyond contractual obligations as it finalizes remuneration packages for senior managers this week, he was reported as saying.

"It is also about morals," Osterloh said, according to today's report.

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TheSteve - 4/19/2016 11:10:10 AM

+1 Boost

I'm puzzled. Aren't executives and the rest of the folks in the Ivory Tower just getting a 30% reduction in bonuses -- meaning they still get to keep 70% of their bonuses -- and all the while they're asking lower management to voluntarily forgo their bonuses? Isn't this the personification of "do as I say, not as I do"?

I'm more of a "lead by example" guy, myself.

Also, for an executive that's pulling in a hefty six-figure base salary and enormous bonuses, "tightening your belt" is an entirely different proposition than to a lower manager or line worker. VW continues to operate like an arrogant company, while talking "green" and "co-operative" out the sides of their mouths.

atc98092 - 4/19/2016 7:28:40 PM

+3 Boost

Read it again. It only the "Volkswagen Group's management board" that has to forgo their bonuses. It has nothing to do with the lower management and line workers.

That said, I doubt there's going to be a whole lot of cash lying around for bonuses for a while. :)

rockreid - 4/19/2016 3:02:52 PM

+2 Boost

..and no one seems to to be going to jail for the absolute largest case of Felony Fraud in human history. Instead, they continue to get bonuses. Welcome to the Plutocracy spreading around the world.